Tuesday, June 27, 6:36 am EST. Are you kidding me? Look at that! Overnight, gold’s been working its way back! At $1,251.20, it’s nearly all the way back… and silver, too. Each are up about 1/2 of 1%.
The miners closed ‘well’ yesterday, considering the drubbing gold had taken the night before. I find all of this to be evidences of strength, and of strong underlying support. I looked at all the charts, and the miners fared way better than the metals. December, March and May lows are intact… and, the Bullish Wedge pattern, that the average of all the issues I track, is getting tighter and tighter. There’s not much room left. Which way will it break? My ‘guess’ for now is… higher!