$USD confirmed a swing downwards last night, in advance of what I presume will be a bad US Jobs Report due tonight. This is bullish not only for PM's but also the stockmarket in general.
Silver in particular has dropped quite a distance below the 50 & 200 MA and is due for a snap upwards.
Very bearish sentiment on the $BPGDM (Gold Miners Bullish Percent Index) at a level of approx 13% is the lowest I've seen in a very long while. Generally anything around the 25% +/_ is a good indicator of a rally coming.
I'd say we're due to snap back upto approx $40 in the next week or so....maybe even close to the $45 level and back down again.
My plan, as stated in my recent posts was to buy after the Jobs report, however I think the risk has certainly lowered due to the above."
Graphical representation attached below.
Note! apologies for the size of the attachment....still learning how to do this on this forum.
SVL Price at posting:
16.0¢ Sentiment: ST Buy Disclosure: Held
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