How Low Can Gold & Silver Go? Have Miners Reversed?
from Gold Silver Worlds:
Gold is moving lower and support along the bottom of the price channel is failing. In the daily chart (not shown) price remains in its $1084-1100 price range but the big picture suggests that we will see lower prices. The entities pushing the paper price of Gold and Silver lower are going to continue pushing until they can’t make anymore headway with their strategy.
Silver is showing some bullishness in this daily chart but the $15 level and the median line of the Andrews pitchfork will probably mark the next attack point for the market manipulators.
The mining stocks are under pressure along with the metals. The GDX chart, like oil, shows a high probability reversal pattern that failed. The Piercing pattern was accompanied by extreme volume which increases the likelihood that a reversal has occurred. Instead of bullish follow through and higher prices, price has waffled sideways with a downward bias.
Another factor adding strength to the price reversal case is the exhaustion gap downwards and its accompanying surge in volume. Having this blowout move followed by the Piercing pattern on strong volume created a very high probability that the mining stocks were finally going to reverse higher. Perhaps it is too early to say that the reversal has failed but the action of the past two weeks is certainly not encouraging.
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