RE:US$.....this would not be EURO$ positiveThe interesting thing is how (amazingly, given the magnitude of yesterday's move) the signals here and across the sector are still so mixed. The move in the metals played out pretty much as I expected, head fake 'break out' up and then violent reversal, but the miners as a whole didn't play along as expected. So the weekly long term indicators for most of them look weak, but the daily signals for many are still fine. Really thought the resolution would have been yesterday, although I still have a hard time imagining an explosive move upward without a gut-wrenching capitulation spike down first.
Then with FR specifically, the weekly CCI 100 still below 0, but didn't actually reverse last week. Daily CCI20 and CCI100 both still above 100 (for FR, though AG the 20 day CCI broke the 100 line which is a caution flag). Daily moving averages still supportive and bullish. But looking at the trend on the daily, the one I draw shows an overshoot on Thursday, with a collapse on Friday, which is very bearish short-term, and silver itself, just on the day's action looks horrendous.
So I can't recall a time when there were so many mixed signals in this sector. Add that to the protracted low volatility period (even now bollinger band width is at record lows across the sector and indexes) and it makes me think there is a MONSTER move in the wings. The amount of effort being put into head-fakes false breaks etc here portends, I think a huge move when the resolution comes. Just seems though, that the best way to punish the 'goldbug' buy and holders, who don't necessarily see the lack of volatility as anomalous or troublesome, is to break them with a huge heartbreaking selloff that squeezes them out just before they're finally proven right and the PMs return to 1990s BreX-style mania. But this is all just random musings, right now we're still in no-man's land IMO.