The Emini was very slow and quiet today – probably weather (and Chinese New Year) related. Best thing to do on days like today is stop trading and do something else.
The most interesting charts today were for Gold and Silver. We’ve sliced through the $1,660 support level on Gold and into a down trend move on the daily chart. Continued weakness will take us through the weekly support level at $1,628.
All of this despite a relentless campaign by the Gold bugs to encourage Amateurs to buy. There will be a time to buy, but just not yet. We’ve got to see this downtrend play out and Professional blue bars coming in on the Lows on the weekly chart.
Good luck with your Emini trading.