Yes, I see that the metals had a tough day, and that the miners declined, but it still doesn’t look like they have been killed. Until I study the charts, I don’t know whether they are still holding the Monday 11/14 support, or not. So, let’s take a look!
We start with decliners on light volume, as with: PAAS, RGLD, SLV, SILJ, AG, GDX, SSRI, CDE, FSM and SLW.
As well as those that fell on average volume, as with: PVG, SGDM.
And, others on big volume, as with: HL, ABX, SGDJ.
Average volume for all 16 was only 5% below the 50-day moving average.
GLD has now broken the 2/5 support level I had been writing of… yikes!
Now, get this! Though gold has fallen further, and even whatever support the closing of the 2/5 gap may have been, that has now been broken… BUT, none of the miners, and I mean none of them, have even fallen through the Monday 11/14 support level they have established. This is truly a phenomenon! And, it is a bullish sign. Hang in there… wait. Unless the miners fall out of bed, they are saying that the metal’s decline is not yet meaningful, and they have not lost hope!
Amazingly, as of 9:13 pm EST, the metals are lower still overseas… I don’t know how the miners can stand up under it. Let’s see what Thursday will bring, but I fear the miners will have to break, if the metals don’t reverse very soon!
Here’s to your accumulation of real wealth!
Harold F Crowell