A Market Timing Report based on the 2-14-2014 Close published Sunday February 16th, 2014
There is a new Bull market in gold and silver. We made the exact progress hoped for in last week’s report, with GLD now above the lowest aqua resistance line. The rally is finally on for the gold bugs. (I mentioned on Twitter why I bought silver (SLV) instead of gold at lower levels. There was a lag at first, but silver started catching up at the end of the week as Tweeted.) The main headwind for gold will be interest rates (TNX, TLT, TBT) and the value of the US dollar, which are intertwined. If rates move over the immediate overhead resistance line (green line in the 2nd chart below), gold will be under pressure.
Here’s the GLD chart:
Ten Year Treasury Note Chart (TNX):
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I thank Worden Brothers for the chart system I use to post these charts. If you want to know more about the charting system I use every day, go to my “Other Resources” page here: Other Resources It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.
Look for updates on the main chart tracking pages this week as I feel they are needed and comments via Twitter.
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