All I know is I see a lot of red with our miners. I know gold and silver slid back a good bit today. Before I even look at anything, I want to know if the metals prices broke near-term price support, and, if the miners did the same… or not. If they did, I would expect that volume would have been high, as traders bailed out of their non-performing positions. So, I’ll go to the charts, and see what they might be saying tonite, as I expect they might be in some pain.
The first I see closed down, did not break support, and was only on slightly more volume than average, as with: AG, CDE, PVG, PAAS, ABX, EXK, SLW, GDX, RGLD, SLV and NGD.
I’ve got these, that closed down a lot, did not yet break price support, but on big volume, like: RIC, HL, IAG, AUY, FSM, SGDM, KGC, AGI, SA and GLD.
Okay, so here’s the scoop. There is very little room left. Nearly everything has fallen to nearest price support levels, and the volume involved here is 30% greater than the average. It’s probably coming down to a crunch time, where it either needs to hold or rebound, or it’s going to start coming apart. Tomorrow’s Wednesday, we’ll see what it brings.
Back Wed. morning…
As of almost 7:45 am EST, gold’s off almost 5 more dollars, while silver’s up a couple of pennies. We’re likely in for some more pain, as support is now going to be tested to the nth. And, if it does not hold, I would think some rapid sales would emerge as traders bail from their long positions. I’m not selling; this would be the set-up of another whole new buying opportunity inside the greater Bull Market that has emerged.
Here’s to your accumulation of real wealth!
Harold F Crowell