This second part of our research article related to the new Bullish price phase in Precious Metals and Miners will continue to explore the potential range and targets for higher price trends.
In the first part of this article, I discussed how precious metals have started moving higher in somewhat of a stealth mode – not really drawing a lot of attention from traders. While other commodities and market sectors continue to rally, Gold and Silver have recently been setting up a new momentum base over the past few weeks. If our research is correct, we may soon see a stronger bullish price rally in precious metals which may drive miners 3x to 5x higher as Miners have greater Alpha than precious metals.
Bulls enter New Year with rollover of long positions in January 2021 series
Rollover stood at 75.94 percent, which is in-line with its quarterly average of 75.59 percent. The overall data indicate that the longs are still in the system and some more steam left on the upside. January 01, 2021 / 09:18 AM IST
Bulls are reluctant to give up and as a result, Nifty50 touched a record high of the 14,000 mark. The last series of 2020 started with long positions in the system and the Bulls kept on adding fresh longs.
The uptrend is so strong that most of the intraday dips were getting bought quickly. Barring a sharp sell-off on 21 December, we haven’t noticed the existence of Bears in this market.