"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 9 hours A Weaker Dollar Is Creating More Global Millionaires
  • 10 hours Could Bitcoin Break The Internet?
  • 11 hours The Man That Predicted The Dotcom Bubble Has Advice For Investors
  • 12 hours VW Emissions Scandal Claims Another CEO
  • 13 hours Commodities And Equities Hit Hard In Fresh Round Of Tariffs
  • 15 hours How Will Social Security Remain Solvent?
  • 17 hours Stock Markets Open Lower On Renewed Trade War Fears
  • 1 day Should Investors Start Lining Up For North Korea?
  • 2 days Crypto Heists Are On The Rise
  • 3 days Got Money To Launder? Try Dubai Real Estate
  • 3 days Swiss Commodity Trader Takes 50% Profit Hit
  • 4 days The Tech Fueling The Fourth Industrial Revolution
  • 4 days Bitcoin Struggles Following Manipulation Claims
  • 4 days Almost Half Of San Francisco Residents Want Out
  • 4 days Will Cryptos Hold Up In A Major Financial Crisis?
  • 4 days Why Gold Isn’t Working As Stock Hedge
  • 4 days Samsung Commits To 100% Renewable Energy
  • 4 days London Lashes Out At The CEO Pay Gap
  • 5 days Banks Spent $1.7B On Blockchain Last Year
  • 5 days Solar Boom Unfazed By New Tariffs
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…

More Info

PM Complex Update...

The inflection point in many of the different markets still continues to develop. The precious metals complex is approaching a very critical backtest to some important necklines we've been following. I added the GDXJ to the combo chart which shows the HUI, GLD, SLV and the GDXJ have all broken down below their respective necklines and are now in the process of backtesting those necklines from below. I can't emphasize enough how critical this backtest is to the overall health of the impulse move out of the January low this year.

From a Chartology perspective the price action trumps everything else. It's possible that these H&S tops may fail but until the price action can trade above those necklines the H&S tops are in place. I have the backtests labeled on the charts that need to be broken to the upside to negate those potential topping patterns. On the other hand if the backtests to the necklines hold I also have the price objectives for those would be H&S tops.

If the price action blasts up through those necklines that would be very positive but if I see the price action starting to stall out around those necklines I will be forced to exit the remaining 50% of the PM portfolios. This could very well be the shakeout before the breakout higher but these necklines will have to be broken to the upside first.

HUI Gold Bugs Index Weekly Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment