Chart 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.
Let's now have a look at the chart of Colossus Minerals
Colossus started the year fantastic. Some positive mentioning in newsletters and mining stock top 10's for 2013, including my own top 10 and the findings at Elefante, certainly did help the stock's performance. There however is much more to come. The company is on schedule to start production this year of what could be a monster of a mine with superb high gold, platinum and palladium grades. Technically the stock is looking good. It is cruising above its 50 days and 200 days average, and I therefore see a new attempt to break the last year September highs, with or without the help of the general precious metal sentiments.