Prices tend to overshoot in the precious metals sector making analysis difficult at times. The next few sessions are incredibly important, and if prices don’t top soon, I will be forced to reanalyze.
Silver is overshooting the right shoulder target; gold is still on track and the more important pattern of the two.
It looks like miners might gap higher this morning; if prices don’t top out around here and then start heading lower my analysis is incorrect.
Prices are overbought, and negative divergences abound there is no logical reason why they keep rising without a meaningful correction. If I don’t see topping action soon, I will issue a color change.