Silver: December Highs, Gold and Miners: December Lows
(www.investorideas.com
Newswire) I might have ended today’s article at the title as it
pretty much covers most of what we can see on the charts today.
The USD Index broke above its declining resistance line, and this
might have marked the end of the short-term decline and the beginning
of a much bigger upswing.
Is this the case? We’ll know shortly. The breakout is encouraging, but it’s prudent to wait for
confirmations before saying that something has indeed changed.
But what is already very interesting is the way in which different
parts of the precious metals market reacted to the above.
The GDXJ just tested its December lows, and gold moved close to its
December lows as well.
The white metal moved a bit lower, but overall, it continues to trade close to this month’s high, and the consolidation just
below $60 simply continues.
When (not really ‘if’) the USD Index moves higher, it
seems that gold and miners will react with declines, but this might be
the case with silver only to a limited degree.
Technically, it looks like a flag pattern, but we’ll know for
sure when silver breaks above it (and the $60 level).
At this point, the theory about silver’s disconnection from the rest of the precious metals
market remains intact.
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Przemyslaw K. Radomski, CFA
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Golden Meadow®
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