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.
Sincerely,
The Dow
Theorist
No comments:
Post a Comment