Precious Metals End Of Week Technical, CoT And Fundamental Status

After an interesting week and to allow more focus on charting the miners this weekend, we again offload much of the NFTRH Precious Metals segment’s content to the public site. The following is (hopefully) going to be long on charts and relatively short on words (sighs of relief palpable…).

HUI/Gold Ratio is intact to its higher lows from September. This was a logical bounce point for gold stocks. HGR needs to promptly take back the SMA 200, however.

hui gold ratio

HUI has so far held our favored support area at a higher low. That is the daily SMA 200. As noted last week, it could fill the gap at 152 and maintain an all-important higher low. That is critical. Meanwhile, we’re on a bounce from a logical point after becoming somewhat oversold.

hui

Gold is trying to negate the bearish daily chart pattern. It has not quite done so yet, but bears watching. It has not neared my best target in the 1250s at the SMA 200. Hey, I could be wrong or could be right. The market however, will be right and it should let us know the answer next week.

gold

From COTbase, here is a pleasing view of more large and small Spec puking and Commercial short covering on the Gold CoT. The trend however, may still not be complete. It is the trend that matters, not the knee jerk spikes up and down that some react to.

gold cot

Silver broke through the favored support area and recovered quickly. The lower one is still open, however. Silver lurks below the down trending SMA 200 and as long as that is the case, don’t discount 14.50.

silver

The Silver CoT has been better than gold’s but the gulf between them has narrowed. In fact, while the drop in small Spec bullishness on gold’s CoT was pleasing, the bump up in small Spec bullishness in silver is not. All in all though, continued good progress on the silver CoT.

silver cot

Let’s now move from the technical and sentiment (CoT) to the macro/sector fundamental.

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