Premarket Recap PMs – 6/13-6/23

6/13: The Fed announcement is at 2 PM tomorrow, and they are “expected” to raise rates again. Gold and silver are still weak going into this, especially silver. I have no idea what the markets will do with this number, but for PMs, this time period into next week is still cautionary. I expect there to be a couple of lows set up. A good break below 1258 could set up a quick rally, but EA below $1245 would be where I’m looking for an opportunity. Silver below 16.40. But I do not expect a more solid low yet. Silver is much weaker. GDX below 22.10 is my first spot for a better shot at the miners. And any rallies after the Fed in PMs are not for buying for me.

6/15: Why do people time and time again do this to themselves in markets? Why do they enter markets with emotion? The news yesterday, even the Fed, is all noise. It’s why I always talk about this emotions thing, and trying to anticipate where the weak hands will fall all over themselves to buy. They did it with the shooting, and then again after the Fed. They got emotional. It is not what I wanted to see. As per the latest couple premarkets, “the news today did not change my overall view of PMs – and I will not buy into any rallies after the Fed meeting”. The heavy selling volume yesterday after the Fed is quite concerning, and things need to play out…Yesterday was pure emotional crap. I came in with a bias to get short on rallies. I lost money on that at first, but then shorted GDX after the meeting. NUGT and JNUG were “HTB” yesterday. I still expect a couple of tradeable bottoms. And please ignore all of the crap news out there, and stick to facts.

6/16: The volume after the Fed on the 60 minute in gold is what was being referred to in yesterday’s premarket. That is concerning. So now we needed to run sell stops to allow a solid bottom. There should be a couple of tradeable bottoms..

6/21: That’s the very big picture in gold where it’s very bullish, but it’s the near term for now. There’s another discussion about gold in last night’s video. It’s getting compressed in here, as we’re in a time frame for a low, and my view is the same as discussed in the last few premarkets. The US$ is at a short-term resistance area, but it’s a big rally in the $ which is most concerning, not a “crash”. The world is very short the $ overall.

6/22: The Yen and Gold are still very correlated, and will be for a while. Right before the Fed meeting and a few times after, I expressed my belief that we needed for gold to break below 1245 and silver below 16.40 and GDX below 22.10 to set up a good bounce. And still with the thought process of a couple of lows setting up a bigger low, when eventually viewed in a rear view mirror. The problem could be the miners, and silver to an extent with some other problems emerging.

6/23: My approach to PMs -I have been viewing the miners with a  trading range mentality..So I gave the area to watch for GDX – below 22.10 would set things up. And being patient below there, or on the gap up and reaction yesterday were the setups. I have a small long NUGT position, and do expect more bounce, but..