Miner Action – Revisited

Last week when we looked at the Miners it was week 24, which placed the Miners in their timing band for an intermediate cycle low. The Miners formed a bullish weekly reversal last week which eased the parameters for forming a weekly swing low.

This week the Miners formed a weekly swing low.

This week’s weekly swing low signals that last week was the intermediate cycle low. We still need to see the Miners break above the declining weekly trend line for confirmation.

The Miners are currently in a weekly uptrend. Forming a swing low above the lower weekly cycle band means that the Miners remain in their weekly uptrend and also triggers a weekly cycle band buy signal. And a break above the Multi Year Resistance level would indicate a resumption of the Miner bull market.

2 thoughts on “Miner Action – Revisited

  1. Jpy has yet to set its ICL by allowing USDJPY move abv 109.3 — the top on Aug 1 of Trump’s tweet.
    The move of UJ from 108.6 now to 109.4 may cause PM to set a lower low by FOMC

    • Gold:Silver ratio seems to have set DCL today at 83.4, very late on day 36 (an upside abv 89 seems inevitable), UJ sits on its 10dma as support and Treasuries feel the gravitation of the impending ICL –> all these focus towards gold, miners and especially silver falling deep into FOMC, invalidating the weekly swing lows in PM.
      Let’s see…

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