Are We Ready ?
With many metrics suggesting a pause/pullback is likely, we need to remember the fact that impulsive, bullish moves can catch us out to the upside. I’ve already posted my thoughts that support the possibility of a sizeable correction. Here I’m pointing out just how close the GSR is to making a decisive drop. It’s resting right on that support, close to the apex. If it were to drop, it would likely trigger a surge in silver price and the miners could fly. The GDX shows how a reverse symmetry move up (like the one we’ve seen in gold), might be on the cards. Food for thought.
Every limit will be tested…
Think our 2 week correction consolidation in miners is over – basing it on a few I tend to watch
I don’t think so. I probably killed or jinxed the rally. I bought something early this morning that cannot operate at a profit unless the gold price stays up here, and I did not use my usual TA rules. Not good. I was undisciplined in timing other than that the overall trend is up. I don’t see any particular reason why it can’t go down for a while before going up. I was just reading something recently on how pros love it when we amateurs see few days of mainly ups and we buy — they then sell — or vice versa. But we can hope. Hope is probably not an ideal methodology though.
Love that second chart
Why Not ?
Word is getting out that Miners are GROSSLY undervalued against Gold !
Ah what a relief it was today! Spock/Plunger up 3%! Phew!