Registered: 1101777014 Posts: 4,784
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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 __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977