Wednesday, November 20, 2013
Some miner charts
Well, gold and silver are both well monkey-hammered today, so let's look at some charts, eh?
There's GLD below its horizontal support of $122.50 or so, -2SD, downward trend, everyone hates it. Indian wedding season is winding up, the harvests are in and the gold is bought, China apparently isn't supportive of gold according to the media, ETFs are selling again, blah blah blah.
GDX hasn't lost horizontal support yet.
GDXJ has definitely printed a lower low to October, and next comes the June low. Not good.
Now a couple miners.
Yamana doesn't suck, but their stock is fighting real hard to keep above $9 on declining volume. Not good.
BTO isn't really a major, but it's about as good as one, and it's also desperately flirting with the idea of falling through support. $2.20 is also critical support on the weekly chart.
I guess you could buy miners right now with the assumption that the support line holds. Or that you can use the long-term support as your stop-loss point.
Then again, you could also decide to hammer finishing nails through your testicles until you pass out from pain.