Gold Silver and the Miners All Sell Off!

Screenshot_2020-08-11 toilet flushing Meme Generator - Imgflip.png

Screenshot_2020-08-11 Gold Futures Price - Investing com.png

Well there you have it, a $100 day move in gold, unfortunately it was to the downside.

Screenshot_2020-08-11 Silver Futures Price - Investing com.png

While golds 5% drop is breathtaking, as always silver is never to be outdone, posting a 14.28% drop.

Screenshot_2020-08-11 Silver Futures Chart - Investing com.png

As to the Miners, yesterday I wrote the following:

Screenshot_2020-08-11  handofzara.png

Well the "clue" proved to be rather telling! The next support areas for GDX is the lower Bollinger Band at $38.01 and the 50 day moving average at $37.74.

Screenshot_2020-08-11 Gold Futures Chart - Investing com.png

Almost three weeks ago I mentioned a "gap" that appeared on the charts and noted the following:

Screenshot_2020-08-11  handofzara(1).png

"The miners posted an outside bar to the downside flashing a "sell signal". During the recent rise there were two "gaps" in the chart. Gaps have a tendency to get filled before the market resumes a rally. One of the gaps was filled today. The next gap is at $39.34 for GDX."

Today that "gap" at $39.34 was filled.

Does that mean the "hit" is over?

Screenshot_2020-08-11 Knife Meme Generator - Imgflip.png

I know not what course others may take, BUT I never try to catch a falling knife!

However, if you are a stacker then today and the next few weeks just might prove to be a God send.

Peace out and stack on!

Sort:  

Hehehe... the nature of markets! STACK ON @handofzara 🥰🌺🤙

Unless you're a crazy Nunja!

I am no Ninja, but I sure feel like I am crazy sometimes, sis! I am just so glad that I was allowed some vacation days. Just catching up with my replies, as I am really so behind! Take care sis, @kerrislvaenhill 🥰🌺🤙

A chance to get in?

Ohh....I don't know if I want to go check my mining stocks now.....
Well...nothing sold....nothing lost Lol!!😀