RE: SAND poised to move higher next week. I am not so sure about next weeks move higher......Sandstorm gained a few percent this week, but it is on the daily charts exactly at its 50 days average. Will it break through that level on Monday, or perhaps fall back down again. My guess would be the latter, although I was wrong last week.....Fact is that there is some serious resistance.
The US$ tanked against the euro, which is now expected to move towards 1.35. Where a strong euro normally is bullish for the metals, gold and silver could not really profit from the strength of the european currency. Both metals, gold and silver, as well as the gold miner index are still in a bearish mode. The gold weekly chart is showing a pattern of lower highs and lower lows, till the 1,695 is taken out. The next step will then be 1,716. On the daily charts things look a little better, although both metals are still below their 18 days average. Also for both, you can see the bollinger bands narrowing in, which is an indication that a big move, whichever direction, is about to happen soon.
From my personal top 10 I presented a few weeks ago, none is in red, while gold and the gold miner index are a few percent below their starting point. A great weekend to all of you !