PHYS & PSLV – 6 Jun

Gold made another high for the current up trend and PHYS, the real 100% allocated gold bullion fund, followed suit. Resistance at 13.54 was breached by a significant margin during the day, but closed well off its high. The Bollinger band is containing price with no real resistance left until 13.96. We will need another couple closes above 13.54 to confirm that resistance there has been broken and that level has now switched to support. Current support is at 13.15. Stochastic remains embedded and suggests all pullbacks are buying opportunities.

The Elder Impulse chart has painted another green bar with both the MACD histogram and the 13 day EMA rising day over day. Price is also above the 65 day EMA and therefore the green bar suggests long exposure.

Silver has found support and PSLV, the real 100% allocated  silver bullion fund, has found support at 16.15. Resistance is the previous swing high of 18.03. Technically the chart is neutral with a lower low in place. Price will have to make a higher high or the chart will become bearish with a lower high to match the lower low. this is the definition of a downtrend. The technical studies all show moderate levels and suggest silver is still base building.

The Elder Impulse chart is still showing a red bar that signifies both the MACD histogram and the 13 day EMA are declining. Price is under the 65 day EMA and confirms the red bar signal for exposure to short positions. With that said, a decent day will switch the bar to green with the price above the 65 day EMA and will flash a buy signal.

This entry was posted in Gold, Matrix Sentry TA, PHYS, PSLV, Silver. Bookmark the permalink.

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