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.

(Click on image to enlarge)

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.

(Click on image to enlarge)

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).

(Click on image to enlarge)

Disclosure: None. 

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.