Group Focus: Gold, Silver and the Precious Metals Miners – 13 March 2023
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Following on from yesterdays video where it was discussed that Gold might be in the Stage Analysis methods secondary entry zone. Today we saw a strong move in all of the precious metals futures – i.e. Gold (GC), Silver (SI), Platinum (PL) and Palladium (PA). The strength wasn't limited to the physical metals, as the precious metals mining stocks also caught a bid, so I though it would be useful to do a broader post covering some of the precious metals ETFs and stocks, so that you can further research the group in more detail.
Physical Gold made a breakout attempt into early Stage 2 at the start of 2023, and had decent initial run higher, before pulling back sharply throughout most of February to retest the Stage 2 breakout level, and it did undercut the level for a number of weeks. However, it managed to hold the two tests of the 200 day MA and started to turn back through the Stage 2 level and what we consider the secondary entry zone over the last few days, as the US Dollar, which often trades inversely to the precious did the opposite at its prior Stage 4 breakdown level.
I've used the GLD ETF for the charts in the post, but Gold trades 24 hours a day, so the GLD only shows the US session, so for a more complete picture, you should look at the Gold Futures chart, which on Tradingview for example is the symbol GC1!
Silver Futures attempted to breakout earlier into Stage 2 in late November, but didn't make too much progress before rolling over and falling back below the Stage 2 level and 200 day MA, which would have stopped out anyone using the investor method stop loss, and hence invalidating the Stage 2 attempt. However, todays move did see the futures chart strongly regain its 200 day MA, as did the various Silver ETFs. So there's potential for a new Stage 2 attempt in Silver to develop.
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.