By Gary via Notes from the rabbit hole
At the dawn of what is going to be a hyper-interesting year in the markets and in society, let’s see what the lovable and goofy Amigos have to say. As usual, we’ll use gold and silver daily charts and a copper daily along with a longer-term view with a weekly chart for the Economic Ph.D. metal.
The charts are the metals futures (click ’em for a larger, clear view), live when I clipped them a little while ago. The caveat with the metals as with macro markets in general is that it is still Santa silly season and so the signals are suspect to whatever degree you put weight on that.
Gold (counter-cyclical Amigo with a heavier anti-economy, liquidity haven utility) is reestablishing the daily chart uptrend by ticking a new high in an attempt to take out short-term resistance. The SMA 200 has been pointing up the whole time and has not hit my favored pullback point where it meets support. Oh well, that’s fine. Prepared is always a good thing to be. It is starting to get a little overbought but would be more so if it makes a new high, as is the technical objective of this breakout.
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