CLOSING UPDATE 2/13/2019
- Metals and Miners continued to sell down after their failed morning rallies.
- It looks like the bull flags have been abandoned. I entered new swing trades in DSLV and JDST.
- I continue to hold the January 31st, 2019 DWT trade.
- The New Gold Predict mobile app (iOS and Android) should be available for download in March.
-GDX- Miners closed below $22.00, and we could be setting up for a sharp down day tomorrow. A sustained decline below $21.70 could trigger a quick selloff.
-DSLV- Today’s DSLV position broke higher a few hours after this mornings alert. If prices continue upward, I’ll look to exit a portion of the trade above $28.70. At the time of the alert, the risk/reward was around 3:1. By today’s close, it was closer to 1:1. It may not pay to enter at higher prices.
-JDST- The new JDST position needs a close above $42.50 to establish an upside breakout; potential target near $51.00.
-DWT UPDATE- I’m keeping my stop on the January 31st, 2019 DWT trade just below $8.46. A daily close above $11.00 would establish an upside breakout and target $12.00 and then possibly $14.50.
-GOLD- April gold finished below $1310 (a new closing low after the $1331.10 peak). Prices failed to recapture $1320 today and downside follow-through tomorrow could trigger a test and potential breakdown below $1300.
-SILVER- It looks like prices broke lower from the small consolidation mentioned yesterday. The next levels of support arrive at $15.40 and then $15.20. Intermediate trend support remains at $14.80.
Have a wonderful evening.