Gold found support and bounced off the 200-period MA on the 1-hour chart. Prices would have to retake the prior breakdown area between $1340 – $1345 to have another chance at $1350.
Silver also found support at its 200-period MA. It needs a decisive move above $16.00 to make another run at $16.20+.
-GDXJ- Juniors would have to close above Wednesday’s close ($34.41) to invalidate yesterday’s down gap. Failing to do so would maintain the possibility for a top and potential breakdown. Closing below $32.95 would recommend a peak.
I’m going to keep my stops on NUGT and USLV where I put them yesterday. I’ll hold the DUST position until I see how the bounce from gold’s 200-period MA (1-hour chart above) performs at resistance near $1340.
I probably won’t update again unless something changes significantly before the close.
The weekend newsletter will be out Sunday morning.
Have a wonderful Weekend.