Are going gold and silver to follow GDX and SIL’s fate?
Today is going is going to be a short post.
After today’s action (with SLV and GLD falling out of bed), what I see on the charts is that SLV and GLD (the ETF proxies for paper silver and gold) are dangerously close to the last recorded primary bear market lows (06/27/2013 for both precious metals). The bullish secondary reaction against the primary bearish trend is fizzling out. Thus, if both precious metals violate the primary bear market lows (red horizontal lines at the bottom of each chart), the primary bear market would be reconfirmed.
|SLV and GDX are close to reconfirming primary bull market|
SIL and GDX, true to the new primary bear market signal that was signaled some days ago, continue falling.
Stocks closed mixed. The Transports edged up, whereas the Industrials and the SPY closed down. However, the primary bull market is solidly entrenched.
That’s all for today.
The Dow Theorist