[New post] Gold and Silver: Technical Analysis: Hanging in there
User ID posted: " https://www.youtube.com/watch?v=_aIRY9zK3EI Gold and Silver: Technical Analysis: Hanging in there by Finding Value Finance Gold is contracting and could make a turn higher here. The overall sector is hanging in there with dollar strength. If you f"
Hey everyone hopefully you're having a good day my name is Andy my channel is Finding Value today we're gonna do our daily technical analysis update of gold and silver I'll give you my financial opinion please don't use it as advice let's dive in we're gonna start with the dollar here DXY the Dixie and yeah we're flat today little cross here at the top just means that the opening and selling price was the same today flat momentum wise so we were coming up momentum wise and then we're flat so again I mean we're coming on up in this dollar I think at some point we will turn and head lower but we might have a little detour here in the short term I don't think we're just going to go straight higher and looking at the 10-year yield yeah we're down a little bit today we could probably head down a little bit lower this is a bearish engulfing type pattern here where this one engulfs the day before it and we might see it chop sideways a little bit so lower to sideways is what my outlook would be on the very short term and keep in mind the short term is the hardest one to read long term much more reliable picture on the long term now gold looks like it's trying to turn around we can see the opening and closing prices are getting closer here we got a little wick at the bottom so usually you get a contraction in the opening and closing price where the buyers start to equal the sellers and you eventually get a turning point where it heads on higher silver's doing something very similar to gold and then platinum's getting a little bit more of a sell-off today it still has a little wick at the bottom but everything still looks relatively under control this isn't selling off uncontrollably we're getting nice good compression here where we could find a bottom and turn potentially that's gold silver and platinum XAU to gold ratio the ratio is down here looks like we're putting in a little hammer candlestick at the same thing that we did back here sometimes it's a double bottom maybe we'll go higher here again guys I all I can do is look at support on the short term and see if this if this is going to hold and that's kind of where we're at is that support area this could break to the downside I have a little scare where everybody's like oh no it's going to go down and then they buy it all up and slingshot it higher the market conditions I think are still right for gold and silver to do well we're just early in this phase and gold and silver usually do very well towards the middle to end of it of the expansion phase of real estate but we have all the stimulus money that flowed in massively which can it can give you false signals false signals not really false signals in terms of gold falsely moving up but it can accelerate signals that otherwise may not be sustainable for a period of stimulus money to loaning growth loaning credit growth Karora Resources on the daily again we got this little hammer candlestick pattern hopefully we can try finding a bottom here we've got all these hammer candlesticks before at the same price level so we might find some support here Endeavor silver getting a little bit of a of a hammer candlestick as well this thing's gotten you know it's gotten a pretty good sell-off here I'd like to see it turn and get some buying pressure still j yep same thing as EXK kind of falling below this support line to the downside a little bit of a hammer candlestick I'd like to see some more buying pressure before popping higher hammer candlestick and GDX very similar to SILJ and we're right there at the support line Metallic Minerals MMNGF a small exploration type company I drew this in here kind of popped to the downside again I i don't do much on the short term guys so if I were to take a long term big picture view of this thing this looks fantastic and it's putting in a bottoming pattern so you get the downward motion the sideways motion and now we're trying to pop on higher we've got the big buying pressure candlesticks on the monthly candlesticks we've got the slow leak off of sellers we may have a little bit more slow leak off of sellers yet to go before rocketing higher but this on a big long perspective looks fantastic yeah it may take some time for this to all play out and we could break to the downside here and have a little bit more downside before moving up Kuya resources a little bit more down downward selling pressure but it's a hammer pattern again there's a lot of support in this area if you guys are brave and you want to buy something that's really cheap I mean here's your opportunity right here I would I would it's a breakout back test and that's where I buy is that back test that's where I sprinkle a little bit in discovery silver getting a little bit of a sell-off today yep it is going down a little bit every time we've reached this resistance line it's come up sold off sold off sold off coming back are we going to slingshot and rocket roll here tough to say big picture view though that's this is very short term it's not a very big picture view but it could I mean this could very well could hit a little bit lower first majestic silver on a big long-term perspective we're putting in this massive pattern and it's not ready yet we are still pulling back and again I would be cost averaging in slowly leaking in money when this pattern breaks it's a big pattern it's going to go far higher if this is if this is the first kind of wave higher and I would do a fib trend base fib extension from the bottom to top and let's say our low is right there on the low of this guy the extension up here I mean we've got an extension of 1.618 all and where our my extension kind of projects of 50 bucks if we go blow past that seventy six dollars so Fib extension lines get you way up there into a forty fifty dollar range quite easily when this pattern breaks and that doesn't mean it's the top it just means that that's a high likelihood of getting there a price projection Newmont mining on a big long term perspective looks really good and we have this first kind of move higher if I threw one on this just to give you guys some projections 1.618 puts you at $133 2.618 at $213 and that's kind of a high likelihood of hitting one somewhere in there not as high as a g but you know this is a lot bigger it's a big behemoth but it's a big pattern that could break to the upside at any second we got mag silver on the short term here yeah we're just coming on down we're trying to find some support the amount of gold yeah a little bit of a down day today but it's still within its pattern it still looks just fine impact silver it's a small little silver company in Mexico they are a producer nice little wick at the bottom here right at support we're right we're trying to find support right here which we're finding I'm gonna go to arcana silver I didn't say gold this time guys I've been saying gold the past couple videos I don't know why arcana silver is actually very close to where I live it's in the in Colorado I think and we've just been chopping sideways here I don't like this big down day I don't I don't like it and then there's no buying pressure coming back so I'd like to see some big candlestick up update candlesticks this one's got the almost a full back test on it can't believe it came back below this support area this is PLG Platinum Group Metals and I'm waiting for this thing to rock it higher at some point sandstorm gold now we're going to the royalty companies these are the ones I really like are the royalty companies on a big picture view we're right at the support line playing with it and I'm hoping hopefully we can get some momentum to the upside but sandstorm gold's a solid company it's a really solid company and Franco Nevada is another really solid company and you know maybe this is like a first wave I don't know it wouldn't be like that we're just in this consolidation period going sideways for Franco Nevada EMX Royalty we're doing kind of this retest here and I think I think on the dailies it had a bullish engulfing candlestick which we have I think this looks like it could go higher if we if this is a bullish candlestick I mean it's it looks good to go tune resources a hammer candlestick pattern again this thing's been chopping sideways over the past few months I like it down here it's me wheat and precious metals wpm another silver kind of a big silver royalty company and it used to be called Silver Wheaton back in the day but this one looks really good too it's finding some support if we back out here it's got a big old massive pattern that it broke to the upside it's consolidating on top of it and hopefully we can get a big break to the upside here gold royalty G-R-O-Y we popped on down we had a nice update today hopefully we can get some traction higher Metallo royalty MTA again guys I like these big patterns where they kind of consolidate here and hopefully we can get a break to the upside maybe we spill out to the downside a little bit scare everybody hit all the stop losses and then rock it higher and the reason I'm so confident is it's the market conditions I think the market conditions are right high inflation increasing interest rate environment is really good for for the metals in the beginning we may still get paired up with the overall stock market coming down we could get dragged lower for a little bit and then we're off to the races this is mavericks metals mmx and we've been chopping sideways in that one royal gold's been chopping sideways you can throw a pattern just like I was going to throw here in it and hopefully we can find some support and move higher a cisco bill royalty is trying to find some support you know some buying pressure here hopefully we can head on up but that's what it looks like big picture view we are just chopping sideways very big resistance line all the way back in 2014 it has not broken it and stayed above it for any length of time so again guys I the short term charts I don't I don't focus too much on them I look at the big the big picture view on a lot of these and they still look good I mean I wouldn't say they look excellent in some of them they are breaking to the downside playing with that downside support lines on a lot of them maybe we blow out for a little bit to the downside and then and then rock it higher but I can tell you the market conditions are coming that are going to be favorable for precious metals and that's really the only time you can invest in precious metals because if the market conditions aren't favorable for them they do absolutely horrible they do not like disinflationary periods where which is what we're just coming from a large disinflationary period switching into an inflationary period it takes a little while for that inflation to get work its way through and people to be convinced to go into this stuff I think it will come I think we just have to be patient if you guys like this analysis give me a thumbs up subscribe to the channel if you haven't already and thank you for listening this is Finding Value
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