Gold & Silver Shine today, opportunities?
Well, literally a day after my post on yesterday on Gold.. both GLD +2.4% and Silver SLV +9.1% have huge days! Note, I was not positive on the group, yet… as I said they needed to trigger first. So, today there are now two names that have triggered that I wanted to examine.
WPM - Wheaton Precious Metals Corp.
WPM is still in a downtrend as price is below its 200d MA, but.. there are two developments that have occurred today
Price has regained its 50d MA
Price is now out of its Oct Value Area
Why is this important? Because I now have support to trade against that is now far away - this way I know if I am right or wrong without a big draw down.
I like a long here in WPM vs a $32 stop targeting $35 (1hr VPOC, not shown), $36.63 (extension from Value Area) and ultimate target $38.37 (VPOC). This would be considered a countertrend swing trade.
(note VPOC = Virgin Point of Control)
NEM - Newmont Corp
Similar to WPM, NEM is firmly in a downtrend but… managed to regain its 50d MA and closed just above its Oct Value Area. So, can consider a long with price targets along the way with a ultimate price target $52.5 - $54.3 VPOC. Note price does have to get above $44.71 VPOC which is the first red line just ahead of price.
This would be also be considered a countertrend swing trade.
I discuss this in more detail in my end of day video, go to min 17:50 in video for precious metal analysis:
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