Weekly Hot Take - Full power
27/11-1/12
Hello friends!
Welcome everyone to another weekly hot take! In this weeks update we will talk about how the metals have been pushing hard since the EMAs came in clutch!
In general my opinion is to now closely watch the strength of silver as it will burst towards $25-$26 and that will give us a clear indication whether we will be at $30 in a couple of weeks. Let dive into the report!
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Precious Metals
XAUUSD
(Monthly)
The monthly chart has bounced nicely off of the EMAs and did just break the $2000 barrier. The goal for the monthly candles would be to close it above $2000 as that would be a ‘first’. If this happens I expect a crazy buying frenzy to materialize and lift indexes like SILJ 0.00%↑ and GDXJ 0.00%↑ up!
Black friday special below:
(Weekly)
Our system has been working so well since we use something called “KISS”or “Keep it simple, stupid!”. We use the EMA9 and EMA20 for momentum and trends, we use basic cycle knowledge to predict potential pullbacks and we add a little spice of darkpool information.
The next steps for the gold weekly are simply to race towards $2077. The only thing we have to watch out for is a brief weekly close above $2077 to get everyone excited, and then a big red week afterwards. This is a very common trick used by the bigger players. Other than that, I expect great upside to come.
(Daily)
On the daily chart, we will have to look out for a potential blue scare down after a daily close above $2077. This is why we will want at least two weekly closes above for everything to be confirmed. Obviously, by the time everything is confirmed, we will be at much higher prices in the juniors we play! The time to buy has closed, imo. Now we want to sit and enjoy the ride. Remember, a rising tide lifts all boats.
XAGUSD
(Monthly)
For the first time, we had a lot of power at the weekly close, and this has presented us with this good-looking monthly candle. If we can close above the bullflag that we have had there for a very long time, then we are truly going to attack the $25-$26 resistance. This has been an extremely big wall, so I’m expecting that once above $25-$26 there will be no turning back until much later. Let’s check out the weekly!
Black friday special below:
(Weekly)
For the weekly chart, we can see that the silver train has left the station, with strong, aggressive weekly candles to the upside. Silver still has to clear the most resistance, so it will be a true spectacle to witness how it will catch up to gold as the $GSR ratio drops.
(Daily)
This beautiful daily chart shows the textbook bullflag breakout. Time to sit and watch silver do its thing.
Miners
SILJ
(Weekly)
The weekly chart looks extremely coiled to me for a big breakout. This will significantly impact the inflows into the sector and therefor make our juniors scream higher :-)
Thank you!
Thanks everyone for reading the weekly hot take this week! I hope you all enjoyed this free update this weekend!
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Kind regards,
Goldgirl