It’s been an interesting year for precious metals investors.

While Gold has been the shining star this year, clocking gains of 14% (through April 23), Silver is down 14%.

But gold’s big gains have captured headline attention and spurred bullish sentiment. And this has carried over into the mining space.

Today’s chart takes a long-term view of the Gold and Silver Miners Index (XAU).

As you can see, gold and silver mining stocks have traded within a falling channel for the majority of the past 15 years at each (1).

That said, XAU has recovered sharply off its 2016 low and is now testing the top of its falling channel at (2).

A breakout here would send a bullish message to mining stocks. Will we get that “breaking” news signal in the near future? Stay tuned!

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