Market Analysis for Aug 16th, 2024

While I am not yet convinced the break out has begun in GDX/NEM and gold, I wanted to post something quickly on silver.

We are now at an 1.00 extension off the recent lows.  So, I wanted to warn all those that have shorter term positions in silver to place their stops at the bottom of the pivot box below us.  This is a very important resistance we are at now, which can present us with an a-b-c corrective rally right to the 1.00 extension at which it would be an a-b-c rally.  It is for this reason I think you should tighten your stops until we are able to blow through it.  Should we blow through it, then we should be on our way to the 31+ region rather quickly.

But, this is a key point of which I wanted you to be aware.