Well the wild ride in the metals market continues! After last weeks bloodbath, the revenge of the gold bulls came today.
I still believe that gold is seeking a range to trade in for awhile.
Silver also joined in the fun today.
Again I believe that silver is seeking a range to trade within for the next few weeks.
Watch the low that was put in on August 12th at $23.58. If this holds then the low of the range has been put in. The high of the range would be the last high at $29.91.
The Miners (GDX) filled the "gap" from last week's carnage. GDX closed above the 18 day moving average and the stochastics turned up. If the rally continues then the upper Bollinger band is the target.
Warning: Beware of turn around Tuesday!
Often when there are big moves on Monday then much of it is given back on Tuesday.
Another wild ride in the metals market!
Buckle Up Buttercup!
Peace out and Stack on!
Weeeee! Picked up a quarter oz Gold Maple Leaf at the last plunge and looking good already.
timing can be everything!
Enjoying the ride, as always!
I hope you're right mate, but I smell a bull trap here.
I think we will find the HIGH of the range soon and then a revisit of the recent low. If it bounces off that low and takes out the recent highs, sometime in the next week or so, it will be a picture perfect consolidation.