Miner Confirmation

June 1, 2020

The Miners closed above the 10 day MA on Monday.

The Miners printed their lowest point last Wednesday, day 49. That placed them deep in their timing band for a daily cycle low. The Miners formed a swing low on Thursday and breached the declining trend line on Friday to signal a new daily cycle. The Miners delivered bullish follow through on Monday be closing above the 10 day MA to confirm a new daily cycle. The Miners also closed back above the upper daily cycle band. Closing above the upper daily cycle band continues the daily uptrend and triggers a cycle band buy signal.

4 responses to “Miner Confirmation”

Alex

June 2, 2020

…and here the Gold:Silver ratio up it goes in a new DC, off its 200dma, with the ensuing weakness on PM complex.
The rise abv 10dma for all PM components was a false signal this time, and it is not the fault of market manipulation, it is simply GSR finding support at 200dma late in its DC and right before a FOMC.

Reply
1. Alex
  
  June 2, 2020
  
  …bearish engulfing candle on GDX; swing high for Silver, and far more importantly: swing low for GSR off its 200dma!!!
  GSR MAY HAVE SET ITS ICL, so that in the rise of PM after FOMC, Gold may make a better option than Silver and GDX better than GDXJ and maybe the best option to play PM after Jun10.
  
  Reply
Fonzi

June 3, 2020

Likes, Did GDX just have a failed 2nd DC? That seems rather strange. If the 50ma hold the fall, couldnt may 1st be the DCL? A 49 day cycle for miners seems rather long, don’t you think?

Reply
1. likesmoneystudies
  
  June 4, 2020
  
  Fonzi,
  
  Closing above the 10 day MA on Monday looked, in real time, that day 49 was the DCL.
  But losing the 10 day MA on Tuesday. extends the daily cycle decline.
  LM
  
  Reply

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