Successful Metal Test

For the moment, it looks like silver and gold have managed to stay above their support levels. I’ve tinted in green below that level which has been successfully challenged four times already. Everything above the green looks like a small reversal pattern, but if the gold bugs can get a rally past $124, that becomes a moot point.

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Miners, by way of GDX, were even more resilient. Notice the series of higher lows, even while gold was risking a breakdown of the horizontal.

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Junior miners don’t seem quite as hearty, since their dips matched those of gold, threatening to break support (but, so far, not having done so).

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Disclosure: None. 

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