The HUI ended lower -1.24 points (-0.6%) with a close at 206.96. On the daily chart, the fast stochastic is flat and remains in oversold territory for the second day. The slow stochastic is descending. MACD maintains a negative crossover of the Signal line and both are descending. Divergence is slightly descending and below the zero mark.
GLD ended lower -$0.63 (-0.5%) with a close at 125.53. On the daily chart, the fast stochastic is flat and remains in oversold territory for the second day. The slow stochastic is descending. MACD maintains a negative crossover of the Signal line and both are descending. Divergence is descending and below the zero mark.
SLV ended lower -$0.15 (-0.89%) with a close at 16.62. On the daily chart, the fast stochastic is flat and remains in oversold territory for the second day. The slow stochastic is descending. MACD maintains a negative crossover of the Signal line and both are descending. Divergence is descending and below the zero mark.
The HUI posted an inside bar today. The HIGH came in at 208.89, the low came in at 206.01 and the Close came in at 206.96. The most important news of the session is that the Bulls defended yesterday's low. In addition, the LOW of the day at 206.01 (-0.36 points) was a hit of the daily BULL target number of 206.37. So the question remains is the Bull Market alive? Will we get a Fall rally? Today, although a down day, was a victory for the Bulls, they successfully defended yesterday's low. Another day that the indicators were down but the HUI did not break. If the Bulls can maintain sideways action this may just be a correction in time and not in price. I still suspect that we shall see the "gap" at 201.94 that formed on August 25th "filled" before any meaningful rally.
For Monday, once again look for the Bulls to defend Thursday's low at 205.13. For the Bears, take that low out and drive the HUI down to fill the gap. If that gap gets filled it will be interesting to see if the Bulls come out of the wood work.
The slow stochastic for GLD and SLV is fully out of oversold territory, an indication of further weakness especially for SLV.
I remain neutral in the market with no open positions and no trades today.
These are just my thoughts and observations not advice etc. Please share your thoughts. Upvote.
Enjoy the weekend.
For Monday, good luck and happy hunting.