Commodities

28
Jun

$PAAS Pan American Silver Looking to Break Through

One of the disappointments in silver's recent move higher has been the lack of follow through from mining stocks, with Pan American Silver being a premier example. This past week has seen Pan American attempting to close that gap.
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20
Jun

Gold Breaks Through After 6 Years; Silver, Miners Confirming

The long suffering (and diminishing) army of gold bugs, distraught over gold's underperformance in the wake of asset inflation, government spending, and historically low (sometimes negative) interest rates over the last seven years, received a resounding message of hope yesterday when gold broke through long term resistance to top tick at 1397.70.
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Gold Daily
14
Jun

Gold to New Highs; Honoring Key Resistance Levels

The long term daily chart above highlights two potential falling (slightly) resistance lines from the peaks of the last six years. These lines are represented in black and red. Of particular note is how gold has reacted to these lines in the last few weeks - honoring both to the tick. This trading action is...
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Silver
11
Jun

An Update on Metals

Here is a quick snapshot of the metals sector. The silver chart above is constructive, as silver broke out of a falling wedge and confirmed the bullish action in gold. It also successfully hit its initial target of $15.15-$15.20.
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Oil Chart
04
Jun

$CL Has Crude Oil Put in a Near Term Low?

The oil price has been in a precipitous decline since falling from $66+ in April to a recent low this morning of $52.22, from where it has since rallied strongly. If this low holds, it will form the channel depicted above. This area seems like a nice risk-reward setup for a possible move back to...
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Oil in Gold Terms
31
May

Chart of the Week: Oil Priced in Gold Breaking Down

The ratio has been in a wide ranging downtrend channel for a decade, with a countertrend move beginning in early 2016. That move broke its uptrend channel in December, pulled back to retest prior channel support, and has since broken down again on recent trading action. This breakdown is bearish for the ratio, which translates...
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Gold Volatility
21
May

Gold Volatility at Historic Lows

Perhaps one of the more surprising charts of the last few years has been that of the CBOE gold volatility index. This morning gold vol fell to 8.75, almost half that of the S&P500. Much to the chagrin of precious metals dealers who make a living off of transactional activity, both the buy and sell...
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Oil
07
May

$WTI $CL Oil Update: Channel Breakdown

I have updated the trend channel (green) from the original post with a new channel (blue) that has formed as a result of last week's break. I closed my long positions on the break of the channel. The move also violated the 200-day moving average and the 50-day moving average in overnight trading. 
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Silver
07
May

Silver Pressing Up Against Triple Resistance

Silver has been consolidating into a bullish falling wedge, but is now pressing up against falling channel resistance, horizontal resistance (prior support) and the 200-day moving average. This triple resistance is a formidable Maginot line.
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Oil Chart
29
Apr

$WTI $CL Oil Bulls Still in Control

Despite the fierce drop in oil last Friday, I am still of the opinion that the trend remains up. As long as the oil price remains above $59, I would argue that bulls are in charge. The chart above depicts the trend channel that oil has been trading in since breaking out from the lows.
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