Gold and the gold miners (and silver, too) both have consolidated their sizable opening gaps higher this morning quite well, observing their 30-minute charts, below. You can see price flattening out and digesting the move, rather than abruptly succumbing to aggressive profit-taking.
This is what bulls want to see, in terms of whether these moves mark the beginning of a sustained, new uptrend. Of course, I do not expect it to ever be smooth sailing in the volatility commodities complex. But so far, so good, with silver now playing catch-up in a major way.
Also keep an eye BAS, the energy long I sold last week into strength. It is bull-flagging nicely, though earnings are 02/19. Steakhouses DFRG RUTH are also acting well today and are overall technically sound.
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awesome photo
Thanks!
Chess: I was “taught” that bull & bear flags usually last just 2-3 days, but you often cite much longer durations…What’s your rule of thumb? =^.^=
After two weeks becomes suspect, though it often depends on specific chart and context. The best bull/bear flags do indeed trigger soon, as you note.
Thanks, Chess Man. =^.^=