Well, as I am known to do, I provide updates on the metals complex on weekends and Wednesdays. But, I really don’t have much more to add from what I have written of late. So, I am going to apologize upfront. There is nothing of value which I can add to my weekend analysis, as the metals have been only moving sideways this week.
On a smaller degree scale, silver has still been giving me the best indications for the complex. As you can see from the attached silver chart, as long as silver remains below last week’s low, we have an immediate set up to drop for a bit of a deeper pullback, which is something I would still “ideally” like to see.
With regard to a break out in silver, well, you can see the box, and nothing has really changed on that matter. As far as GDX is concerned, nothing has changed as well:
Currently, the resistance for GDX resides between 23.60-23.96. As long as we remain below that resistance region, I am expecting another pullback in the complex. However, should we see a direct break out of that region, then you should set your stops just below the 22.83 region, for if it is a true 3rd wave break out from that point, we should not see the 22.80 region again.
And, for GLD, I am still “hopeful” to see the pullback, but if we see another strong move through 123, it may be the first signal that the train may be leaving the station.