Gold, Silver & Miners Test Support & Rebound

Gold & Silver & the miners all tested support last week & all rebounded.

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Hello this is Jordan this video is being recorded on the evening of Friday February 16 2024 thank you so much for joining me this is the weekly recap in this video going to do a quick recap of Gold Silver and the miners and the story of this week was the precious metal

Sector and those specific markets they all held support and rebounded let’s get into the video so starting off here weekly candle chart gold at the top silver at the bottom and here you can see this week’s action a bullish Hammer For Gold I mean it’s it’s a good candle but we probably

Want to see the hammer start lower I would have preferred to see gold I prefer to see the hammer lower in this area but I mean I’m getting picky but but for now it did hold above 2,000 but for this to be a real bullish Hammer we

Would need to see gold make a week weekly close next week above right here so above you know call it 250 I we’d like to see a weekly close in that area in the next week or two to solidify this holding of support if not then at some

Point over the next month you could get another test of 2000 and maybe even a break below it we’ll see now one very positive thing is the strong candle in silver this is a nice bullish C uh candle it engulfed 1 2 3 4 so engulfed the previous four weeks really solid

Bounce here above or right at 22 I should say I mean it did test 22 I mean it opened well above 22 tested 22 strong close at the high of the week right at the equivalent to the 200 day moving average so you know some other people

Have told me and I have been saying silver can be a tell for the sector I mean one one sign of that is remember that really strong week we had end of November then when you had the reversal in Gold I mean that was a nasty black

Candle in Gold but this one is really nasty in silver and so you know what happened well you know the market it hasn’t broken out a couple months after that so but on the other hand while by itself I don’t think this is that great

Of a bullish Hammer For Gold this is a strong bullish C candle for silver we’ll see if it sustains itself but for here and now I mean it’s it’s good that gold and silver rallied at support I mean the worst thing would be after the

Next couple days or next week or two you get a nasty bearish candle coming so that that’s the thing to look out for over the next week or two okay so before getting into the miners I want to talk about the gold Co so here we have open interest here we

Have the net speculative position divided by open interest and then here are my annotations I just I wrote in the net speculative POS position nominally so it’s 153 now 153,000 contracts divided by 420,000 that’s how you get your 36% of open interest I I think this

Is kind of sneaky bullish now this data is as of Tuesday I think the gold price I mean probably around the same level I should have checked it but you know gold Clos the week at 2024 so it’s probably around the close on Tuesday was probably

Around the same level came down to 150 3,000 contracts I mean a week or two ago we were like at 170 180 so it’s good that a lot of speculation came out of the gold market and gold was able to hold above 2,000 so that’s a good sign

And you know looking at you know I I like to look at the percentage of open interest I mean to me that’s more important these vertical lines show when all these breakout moves really began you know what was the net spec position

31 20 49 13 20 so it’s a 36% you know I was hoping here that 21% that would be the start but in my view it it it hasn’t it’s going to require more time maybe the next the next vertical line I mean who knows I hope it’s at some point in

The next few months but so looking at the percentages you know 36 is not that bad but it probably needs to come down some more and uh 153k by itself it it’s pretty good it’s pretty encouraging I mean given where we were wow already four years ago you could see

The net spec position was a lot higher I mean 222,000 89 months ago so it was 990,000 at the last low 153,000 so if we continue to consolidate for a few months I think at some point that could come down I would love to see

That come down to 100,000 or so uh you know how does that compare well it was 110,000 before the last huge move to 2005 I mean this was over the next 6 years gold went up I think 4.6x I have to look so that was 150,000

At that point so not a huge difference so we’ll see but I that that’s you know I I really all needed to say the one thing which is that it recently the gold price hasn’t broken down very recently but a lot of speculation came out of the

Market so we’ll see what happens I I do think if gold were to go below 2,000 you know that scenario where it bottoms at 1900 this would be pretty low and if it were to bottom at 1900 you know that would be above this right there in the low 1800 so

Consolidation is is getting mature but it was good to see that Improvement in the coot and open interest of course I think I you know up a little bit in the last week but a week ago I think I mentioned this is at a four or five year

Low even if we go back like let’s just go back the last eight years you know it’s probably I would get you know 96 97th percentile in terms of how low it is you know fairly close to the lowest levels in the last eight years so that’s another good sign

So there you go now moving on let’s talk about the miners I the same story with gold and silver I mean you you had a rebound at support these horizontal lines show where the support is you know sells down here major support here so it should it should probably rally I mean

If we get a sustained rally you could even potentially rally up to the 200 day moving averages did put out a Flash update on think it was Tuesday night uh for subscribers we did get some blowouts in the breadth indicators they were below 10% uh you did have spikes in new

Highs in gdxj excuse me new lows in GDX and gdxj so those are always a signal of a short-term bottom um so we did get the short-term bottom uh let’s see how far it goes really hope it doesn’t fizzle out the next week or two uh that’s where

We are that’s the story of the week I mean long video but the one thing to remember Gold Silver and the gold stocks they held at these support levels they rallied to close the week let me know what you think in the comments thank you

So much for tuning in talk to you guys again in the next week