August 1, 2022-New Monthly Chart Data

As today is the first day of the new monthly, its time again to review the long term charts as they have new data points this morning. Below I posted the SILJ monthly chart, but I could have posted any of the precious metals miners or metals etfs, since they all look very similar. That’s a good sign, it means sentiment across the group is synched up and near unanimous, as they all show oversold technicals such as stochastics and MACD now contracting as it begins its move back to the zero line. GLD and SLV also look the same, all that remains is to see how far and fast miners and metals can move as they have just started new daily cycles, and are looking to confirm new IC’s (intermediate cycles) next, which would extend the potential upside to 4 months or more. We are still looking to add into intraday weakness, and especially if we can get a few days in a row of lower prices, as the daily stochastics are now overbought. This suggests we might see a few days of lower prices, not guaranteed by any means, but if occurs we will add to our mid-sized silver miners, including HL, FSM, CDE, maybe PAAS, AG, and EXK as well.