Yeah, yeah yeah, there was a little BLOOD in the metals markets this week.
Today gold still is trying to find its footing.
On the weekly chart gold looks a little better.
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For two weeks GOLD traded outside the Bollinger bands and this week GOLD closed within the bands.
On the weekly chart, the stochastics are still embedded in an overbought territory which is a sign of strength. If Gold loses that embedded reading, grab a parachute!
Like GOLD, Silver had an inside bar and is still seeking its footing.
On the weekly chart silver still looks ahead of itself.
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Despite this week's bloodbath, SILVER, for the fourth week in a row, closes over the upper Bollinger band.
The PROBABILITY that silver closes above the Bollinger band for a FIFTH WEEK is extremely low.
Is it possible? SURE
Is it probable? eh, not so much.
I expect that silver will trade down to sideways until some of the froth comes out of the market.
Just because I expect it does not mean that it will happen.
The market is always correct, I on the other hand, well not "always", but enough.
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The Miners are still in a down trend on the daily chart.
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On the WEEKLY chart, we can see what happened. GDX hit the upper Bollinger band last week and sold off this week. The stochastics remain embedded in overbought territory a sign of strength.
I think the miners are seeking a range to trade before deciding what to do.
Crazy week this week!
Peace out and Stack On!
Building a new bottom for the next leg up!
Perhaps, certainly that is what we all hope for.