• 17 hours 2021 Could Be A Huge Year For Chinese Stocks
  • 2 days Shadowy Brokers Target Easy TikTok Money In New Scheme
  • 3 days Cannabis Sales Are Soaring In The United States
  • 4 days Biden Will Be A Boon For Solar Stocks
  • 5 days The Shroom Boom Is Here To Stay
  • 8 days The Gold Rally Has Finally Run Out Of Steam
  • 8 days Citibank Analyst Predicts $300k Bitcoin By End Of 2021
  • 11 days Bitcoin Lives Up To Its Safe Haven Status In A Big Way
  • 11 days 14 Million People Will Lose Unemployment Benefits On December 31st
  • 13 days Why 12 Million American Millionaires Isn’t Good News
  • 14 days Big Oil Is Paying The Price For Investing In Renewables
  • 15 days The Banking Industry’s $35 Billion Gravy Train Could Disappear
  • 16 days Did Amazon Just Democratize Prescription Drugs?
  • 17 days The Private Space Race Just Got Very Real
  • 19 days Short Sellers Are Willing Big In This Turbulent Market
  • 20 days SpaceX Gets Go-Ahead To Send Humans Into Space
  • 21 days Saudi Arabia Lost $27 Billion In Oil Crash
  • 22 days China’s Big Tech Takes A Hit As Regulators Crack Down
  • 23 days Black Friday Could Be Retailers’ Only Hope
  • 24 days Why You Should Not Dump Your Stay At Home Stocks Just Yet
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Rambus Chartology

Rambus Chartology

Rambus Chartology

Rambus Chartology is Primarily a Goldbug TA Site where you can watch Rambus follow the markets on a daily basis and learn a great deal…

Contact Author

  1. Home
  2. Markets
  3. Other

Late Friday Night Charts...Precious Metals Markets: Zoom Out

When looking at the short term minute charts things look very volatile in the precious metals complex but the further you look back in time the less volatile the price action becomes. If one is a day trader then the minute charts are the ones to focus in on but if you're an intermediate term trader perspective is everything.

Looking at the five year weekly combo chart below the precious metals complex has been building out a beautiful uptrend since the January 2016 low. There is nothing on any of these three charts that suggests a top is in place and it's time to sell.  The thin black dashed horizontal lines taken from the previous highs is our first line in the sand for support. Note the left side of the chart and how the thin black dashed horizontal lines held resistance when they were broken to the downside which is bear market action. What we have since January is bull market price action.

If one had tried to buy any of these three sectors during the impulse move down out of the 2012 top to the June 2013 low for a counter trend rally, they would have been crushed like a bug against the windshield of a car. Even if I gave you the exact low could you have reversed back to the short side in time to protect any of the small profits you may have made? Looking at the price action since the January 2016 low, how many traders do you think have won big shorting this new bull market?

The golden rule is, don't buy a bear market and don't short a bull market. There are always exceptions to the rule but for the little guy, that doesn't understand how the markets work,  it's like taking candy from a baby, for those that truly understand how the most difficult game on the planet works.

HUI Falling Wedge Weekly Chart
Larger Image

Below is the inverse H&S combo chart for the HUI, GLD and SLV. Think of the necklines as your line in the sand, above is bullish and below is bearish. Until they're breached to the downside I have to remain a bull and everything else is noise. It doesn't have to be complicated.  Have a great weekend and all the best...Rambus

HUI Head and Shoulders Weekly Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment