Yesterday I shared that Gold’s action was suggesting caution in the precious metals arena. (see post here) We don’t own Gold or the Gold miners, yet the patterns were suggesting that the relative weakness in Gold of late could impact Gold and Silver positions.
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One day does not make a trend, yet with GDX breaking rising support it does increases the odds that more relative weakness is in store. Until this trading range breaks, it suggests to buy at support and harvest at resistance. At this time, the breakdown has me much more concerned about SIL over SLV.