Friday, August 15, 2014
GOLDBUGS: prepare for a bad end to the week
Gold barfed in the early morning, and now that the US is open the charts look like this:
Silver reversed on Wednesday and did a dither on Thursday, but it turns out that this action simply lured in the bugs thinking there was a hard bottom at $19.80 silver. Now today silver is lower, and I think it needs a full reversal today to make things not suck. Otherwise, you're back to a downtrend with the August OpEx coming on August 26th.
GDXJ is still up there, but the "keeping it up there" volume has dwindled over the past week. Now GDXJ has popped back below its EMA(9) and is in danger of failing its SMA(50), for what it's worth.