Miners performed well today and confirmed yesterday’s gap reversals. We should see (at least) a 1-2 week rebound. I’ll adjust my portfolio back to net-long sometime tomorrow unless prices mysteriously collapse overnight. Several individual miners formed bullish reversal patterns (see below).
Gold closed above $1210 and the short-term trendline. However, it needs to close progressively above the 50-day EMA ($1222) to support a secondary cycle advance. Note: The June cycle failed at the 50-day.
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Silver prices formed a swing low. Now we need progressive closes above the 10-day EMA to register a low.
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GG - Bullish morning star candle pattern on a positive MACD divergence.
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NEM - Large bullish engulfing candle.
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WPM - Bullish morning star candle pattern.
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ABX - Bullish morning star candle pattern on a positive MACD divergence.
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FNV - Multiple day engulfing candle up 6.5%.
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GDX - Prices slipped below the $18.15 level into the close. Nevertheless, I think we should see a move back to the gap at $19.75, maybe more.
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GDXJ - Juniors closed well above the $26.78 level, and it looks like we have an undercut low. Prices should retest the $29.14 high or perhaps even the August 13th gap at $30.50.
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