Gold Miners, Slipping Below Steep Rising Support

Gold miners have had a great run this year. They could be losing grip on key support of late!

Below looks at the Gold & Silver mining index (XAU) over the past decade.

(Click on image to enlarge)

I like to keep an eye on the XAU index because it is the oldest mining index in the states and it includes both Gold & Silver mining stocks. 

The index has had a great rally this, taking it to its 61% Fibonacci retracement ratio and falling resistance, where it appears to have pulled a reversal pattern. 

Of late the, the XAU index is attempting to break support of a rising wedge pattern, just below this key retracement level. This small break could be important as weekly momentum is now at the highest level in more than a couple of decades.