Precious Metals and Gold Miners

I have a strong opinion for the close trade of the PM market , I'm VERY happy to have closed the 3x long Gold Miner position, NUGT, yesterday.

As far as I'm concerned now, I'm willing to sit on any gold or silver long positions so long as they have sufficient time, I'm especially liking silver/SLV.

As for the miners, yesterday when we closed NUGT would have been the time to take up a DUST (3x short miners) position, but I really don't have a stomach for that volatility this week.

 GLD 10 min, remember that in this volatility the time or normal implied length of a signal is not what we are use to, the percentage move though or the seriousness of the signal remains even if in condensed time.

I wouldn't start any new GLD positions here, but I'm willing to be patient. The charts from 1-5 min are very choppy, I'm not sure if that's a reflection of what we can expect or just an anomaly.

The GLD daily chart has a large relative positive divergence, this can certainly fuel a counter trend rally to the upside over a longer time period.

 SLV 1 min was negative yesterday, somwhat in line today at least intraday.

I think this 5 min chart is probably a good representation of near term (next couple of days) expectations.

The 30 min leading (and beyond) are why I'm willing to sit tight with long gold/silver positions, this 30 min chart is not as far away as you might be use to and the move it represents would be quite strong.

 GDX (Gold Miners) are surprisingly sensitive to a great many things you might not expect, in fact I think most would think of Gold as a primary catalyst, but it actually is the non-fixed costs and prices that are represented by Energy (crude) prices and more interestingly, currency fluctuations. Everything from the price of non-fixed costs like fuel to the price they get for gold they pull and what that is worth in real terms in the country of their origin are huge fluctuations that can make the difference between a profit and an actual loss when nothing else in operations has changed week to week.

The 1 min GDX chart- as I said, I'm glad to have closed NUGT (3x long GDX essentially) yesterday.

 GDX 5 min does look like there's a lot more fuel in the tank over the coming weeks, so it's just something to keep an eye on as far as entries and whether the environment is suitable to take on a position.

 NUGT 2 min will of course look similar to GDX above.

NUGT 5 min as well.

This 30 min chart looks stronger than GDX and is part of the analysis for movement here over coming weeks, I'd prefer to trade with probabilities and only go long NUGT at the right time rather than try to play DUST as well.

 DUST, 3x short miners or GDX, the opposite of NUGT showing a 5 min positive, again though I'd rather not trade against probabilities, especially during a week like this.

Essentially there's not much to be done other than show patience.