Selling Pressure on Metals Remains

All precious metals and copper remain in their current downtrends. We have indicated previously that this is the seasonal time frame for rallies in precious metals. And indeed the short-term trends in silver and gold, futures and some stocks have turned bullish.

From the investment standpoint, however, there are no changes in the weekly indicators and therefore we remain on the sidelines waiting for more definitive signals. The modest rally in precious metals when compared to the relatively large decline in stocks suggests that selling pressure is still significant in gold and silver.

We will patiently wait on the sidelines for intermediate term opportunities. No changes in weekly trade recommendations. Subscribers should continue to watch our Daily Banana trade recommendations for short-term trades in gold and other precious metals.

gdxj no changes 8-24-15