PM Daily Market Commentary – 08/05/2020

Login or register to post comments Last Post 0 reads   15 posts
Viewing 5 posts - 11 through 15 (of 15 total)
  • Thu, Aug 06, 2020 - 05:18pm

    #11
    jmone

    jmone

    Status Silver Member (Offline)

    Joined: Feb 28 2020

    Posts: 224

    count placeholder

    PM Daily Market Commentary – 08/05/2020

Here are the AUD/Silver and AUD/Gold charts that makes me think that PM run up is overheated at present and presents a pullback scenario.

  • Thu, Aug 06, 2020 - 09:29pm

    #12

    davefairtex

    Status Member (Offline)

    Joined: Sep 03 2008

    Posts: 2134

    count placeholder

    pullback scenario

Here’s some more evidence for that one:

Gold’s daily/weekly/monthly RSI-7: 93/90/94

Not something you see every day.

I’ll do the math on how often that happens…

EDIT:  I took all 3 RSI values and added them together.  Today was 274.8, which was #10 in the whole GC timeseries.  So, probably not “the” top, but perhaps, “a” top.

2020-08-05 272.840512
1980-01-14 274.059845
2020-08-06 274.877073
1979-12-31 277.602255
1980-01-15 279.020779
1980-01-02 281.368220
1980-01-16 283.053413
1980-01-03 283.533284
1980-01-04 285.001624
1980-01-17 285.663841
1980-01-07 286.232955
1980-01-18 287.276540

And today:

  • Thu, Aug 06, 2020 - 11:43pm

    #13
    jmone

    jmone

    Status Silver Member (Offline)

    Joined: Feb 28 2020

    Posts: 224

    count placeholder

    PM Daily Market Commentary – 08/05/2020

Wow – so in Gold we have not seen RSI’s like this since the one month period around the start of 1980….. Bet silver is even higher….

  • Thu, Aug 06, 2020 - 11:49pm

    #14
    jmone

    jmone

    Status Silver Member (Offline)

    Joined: Feb 28 2020

    Posts: 224

    count placeholder

    PM Daily Market Commentary – 08/05/2020

FYI – the 5year chart for the run up in AUD/Silver looks spectacular!

  • Fri, Aug 07, 2020 - 12:16am

    #15
    jmone

    jmone

    Status Silver Member (Offline)

    Joined: Feb 28 2020

    Posts: 224

    count placeholder

    PM Daily Market Commentary – 08/05/2020

Another nugget of info I learnt in the last month is what drives the fluctuations on the AUD….  The strongest correlated is no longer Iron Ore, but is now Copper.  If fact Iron Ore price is (currently) a very poor predictor of the AUD exchange rate.

Viewing 5 posts - 11 through 15 (of 15 total)

Login or Register to post comments