I just took a look at the weekly gold chart to see if it was an outside reversal of last week’s decline (bullish engulfing candle). It wasn’t. Silver wasn’t either but it shows a weekly hammer candle after a downtrend.

OK, what about the miners? Every chart I looked at (picked randomly) showed a bullish outside reversal or very close to one (the only caveat was that the base of one or two of this week’s candles started a little higher than the close of last week’s – does that matter)? All closed above last week’s open. HUI, XAU, GDX, GDXJ, Newmont, Barrick, Pretium, Silver Standard, First Majestic, Pan American Silver and Fresnillo, while Franco-Nevada and Silver Wheaton both erased more than the last two week’s losses this week – well they would have to show off! (What would you call that? A double bullish engulfing candle?). Finally , Agnico-Eagle – oh boy!

Can any of you real TA experts comment on the significance or otherwise of this? I am quite a newbie really.