The nonfarm payroll numbers were less than expected. Therefore, prices didn’t fall as much as I thought on Friday. It’s still unclear if the biannual cycle’s bottomed in late July or if the low is still ahead of us. The Fed meets in two weeks, and I expected a September low to come either just before or slightly after their coming announcement.
Today’s weekend report will be somewhat shorter than normal as I’m on Holiday at this time.
-GOLD WEEKLY- Price closed for a second time below the 10-week average but prices could still go in either direction from here.
-GOLD DIALY- Friday’s low employment numbers delivered an indecision candle as prices were down and then went back up as bulls and bears struggled over control.
-SILVER WEEKLY- This shows that price barely moved last week, and nothing was resolved.
-SILVER DAILY- Priced closed lower after failing to rise above the 10-day average in a bearish manner.
-HUI WEEKLY- The overall structure looks incomplete and I think one more wave down is needed before completion.
-GDX- Miners made reversals into the close on Friday, I would like to see follow through higher before I buy into it.
-GDXJ- Same as GDX but this made a bullish engulfing pattern, on weak volume, I’m not convinced it was truly bullish buying.
Have a good Holiday weekend for those in the U.S.