Silver has triggered its MACD in a positive sign.
Gold continues to be, well, gold, an anchor to monetary value. To boot, it’s also got a chance to hold our parameters vs. other markets noted in #221 last weekend. Notably the S&P 500. Gold turning up vs. stocks would be a big plus for the miners.
Gold miners continue to look strong and capable of turning this into an important bottom. The low just below 420 was tested within a hair last week and passed the test.
The daily chart shows the MACD continuing to march upward and well, you would think the correction needs to end sometime. This could be the time.
But it will not be conclusive until HUI is above the moving averages and the resistance shelf around 460. There are good things happening with the CoT data, the metals, sentiment and most recently Ben Bernanke rolling over last night, but I wanted to put the plain picture of the parameters in front of you because parameters are black and white. They don’t feel good or feel bad. They just are.
If HUI successfully gets and holds above 460, the correction out of the September high would likely be over. That would paint the entire exercise as an important next higher low to the ones from May and
June [edit: July].