LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

COT Gold, Silver and US Dollar Index Report - September 13, 2019
By: GoldSeek.com

Gold-Futures-Selling Overhang
By: Adam Hamilton, Zeal Research

Next Recession: The New Risks & New Profits Of A Grand Experiment
By: Daniel Amerman

Precious Metals Update Video: Gold consolidating
By: Ira Epstein

A “Looming” Recession Is a Golden Opportunity
By: Stefan Gleason

Market Management 101: Balance
By: Gary Tanashian, NFTRH

GoldSeek Radio Nugget: CEO Thomas Couglin and Andrew Maguire
By: Chris Waltzek Ph.D., GoldSeek Radio

Negative Rates, Money Printing and Gold
By: Dave Kranzler

Northern Vertex Sets Further Production Record Provides Operations and Exploration Update at Moss Gold Mine, Arizona
By: Northern Vertex Mining Corp.

Jim Cook Interviews Ted Butler: The case for a silver price explosion has never been stronger
By: Ted Butler

 
Search

GoldSeek Web

 
Metals Are All At Support


 -- Published: Friday, 26 April 2019 | Print  | Disqus 

By: Avi Gilburt

I am not sure how much more I can add to what has been said over the last two weeks in the metals complex.

At this point in time, it is quite clear that the metals are testing support.  As specifically noted about silver, the 14.60 support region is what I want to see holding as support here.  While I can accept a spike and reversal of that level, a sustained break of that level opens the door to a 13 handle for a lower low bottoming in that chart.

As far as GLD is, the 119 region is the similar support region I want to see hold for a wave iv.  And, in GDX, you can see we are now approaching the bottom of our support box as well.

The one point I can add to the GDX is that since it I am counting it as a potential leading diagonal, it would seem that it is attempting to provide us the overlap in waves iv and i which is common in diagonals.  That could explain the depth of this pullback.  But, I also want to note that this is why I have problem relying on leading diagonals since they act like corrective structures until completed.

The other point to make about silver is that we see the 144-minute MACD still holding its positive divergences.  And, should it continue to hold that positive divergence, the reversal we see off divergences this extreme is usually quite powerful.

In summary, the metals are now pushing on all the respective supports and how they handle this posture in the coming week will be key in determining whether we see a completed 5-wave structure in GDX and GLD in a more ideal sense, or if we will get a much deeper pullback in the coming weeks, which should also put us on alert for the larger degree yellow alternative count as presented on the daily GLD chart.



GDXdaily
GDXdaily
GLD-daily
GLD-daily
silver144min
silver144min
Avi Gilburt is a widely followed Elliott Wave analyst and founder of ElliottWaveTrader.net, a live trading room featuring his analysis on the S&P 500, precious metals, oil & USD, plus a team of analysts covering a range of other markets.  He recently founded FATRADER.com, a live forum featuring some of the top fundamental analysts online today to showcase research and elevate discussion for traders & investors interested in fundamental rather than technical analysis.

| Digg This Article
 -- Published: Friday, 26 April 2019 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.