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fib_1618

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As many of you know, the precious metals complex just finished up a poor week of trading as all of the precious metals advance/decline lines that we follow here at Technical Watch moved to multi month lows. Although we have been looking for a tradable bottom in this asset class for several months now toward the end of December, last week's weakness broke an important longer term support line on the Precious Metals breadth McClellan Summation Index, and we're now at levels not seen since October of 2016. More importantly, unlike the last two years, this break of trendline support also destroyed any chance of having intermediate term bullish divergences as we move into this preferred end of year time window.

Because of this then, along with too many technicians now looking for this same end December bottom in the metals, it might be time to take a more defensive approach toward this investment class until better structural support develops to where an actual price low can be created.

Fib


[pmmcsum120817] 


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