Technicals: Gold at the Crossroads of $1,272

Gold

Gold and GDX Outperform Silver, Copper takes the 5th

Gold and the GDX now have outside weeks
Trade Rec of Long at $1255ish with Target of $1297 and Stop of $1242 still applies
Copper is appealing to Silver's more "base" instincts

Gold and GDX Weekly Align

Gold

GDX

Yesterday:

"Well that was a nice day today. $GDX Inside week, cleared."-SJD10304

h/t to @SJD10304 for cart and comment

Before you buy the GDX or any miner read this

Gold Daily

The original call Oct 6th

...the week ended on some good news for Gold. We got a non-confirmation on the RSI. We had hoped for this in our previous post today. This means a long trade is safe to put on right now with a stop out of 1242 print or a 1248 settle. From an oversold position, if $1250 holds, a rally to $1300 before selling back off is not unreasonable.- previous posts here

Trade Idea Summary

Before you buy GLD or any ETF read this

Gold at The Crossroads

The "easy' part of the rally is over from a risk/reward stand point. Here is where it gets tricky. Movement could be much less orderly from here

Bulls

Daily looks good, but may be a bear flag- $1272-$1282 is inflection area
Consider trailing stop loss higher if nervous (despite this being antithetical to risk/reward precept of trade)
Weekly close higher may give stoch crossover

Bears

MOMO- Consider shorting mkt under today's low
Bear Flag Bet- scale in sales here with a stop in $1280 area

Silver

Not even going to chart it. Clearly it is in cahoots with Copper and we are annoyed. On a serious note, here is an attempt to explain things.

China is in trouble and is depreciating the Yuan aggressively
evidence support Chinese commod buying comes before Yuan debasement
Copper suffers obviously fomr lack of Chinese demand
Silver is choosing to be more "base" than precious now.
Silver is precious, but it is not recognized as money by the Central Banks hoarding Gold

Conjecture: