This pullback has some short-term consequences. For Silver Wheaton, we could see a pullback to support at 24.75 or 23.85. But if you're a longer-term investor, look on the bright side. You probably didn't buy as much gold and silver miners as you wish you did before the recent run-up. Now you'll get your chance to buy before the NEXT run-up.
But do you have the big brass ones to buy this pullback? Here's where we separate the men from the boys.
Update: My Own Market Narrative offers more analysis on the recent action in gold miners and pullback potentialities.
But do you have the big brass ones to buy this pullback? Here's where we separate the men from the boys.
Update: My Own Market Narrative offers more analysis on the recent action in gold miners and pullback potentialities.
Look at the intraday, Sean. Someone started dumping GDXJ and GDX starting at 3PM. That is what made all these outside reversals.
ReplyDeleteAlso the top of the candle is usually at +3SD, per the Bollingers.
Yes, I agree that it was a disappointing day for precious metals. That's why the Silver trading range was recorded as 44271-47381.
ReplyDeleteEpic, I said it was a bearish day for producers, not the metals themselves. Don't put words in my mouth. IWNATTOS, good point.
ReplyDelete