-GDX- Miners appear to be breaking higher as spot gold is testing the upper triangle boundary near $1425.

-GOLD 4-HOUR CHART- Miners and silver are leading gold higher. To confirm the next up leg in metals, gold needs to close decisively above $1425 and then take out the June $1442.90 high. Failure to make a new high above $1442.90 would issue a non-comfirmation and dispute the strength in miners and silver.

-USLV- The July 3, position in USLV is up about 12%. I’m raising my stop to breakeven ($65.50).

Silver is approaching resistance between $16.00 – $16.20. It would take a sharp and decisive move above $16.20 to support more immediate upside. A rally into August/September that exceeds the 2018 high ($17.70) would signal a new bull market.

Metals and miners are looking good at the moment. However, caution is warranted until gold confirms today’s strength and exceeds its June $1,442.90 high.