Gold got blown up in 2 days with respect to the short-term rally. Watch for gold to bottom before silver as we likely transition into a phase of gold leadership over silver. Key support is from the 1300 down to 1270.
Updating the HUI symmetry plan, we see that this week’s candle is nearly perfect in its mirror image of the corresponding one from October. So all the miners need to do is finish out the week around current levels and our ‘picture analysis’ lives another week.
Well, our work of art kept to plan for another day. The two shaded candles are the corresponding candles of interest for this week.
Royal Gold (RGLD) was conspicuously strong yesterday as the gold stock sector sagged. It broke upward from consolidation (that worked off an over bought RSI) on volume. This, along with Franco Nevada (another royalty company) are among the cream of the gold sector, in my opinion.
PS: I understand the site is still acting cranky. Thank you for bearing with it. Usually a refresh or two brings it back if
the DB connection is lost you get a 500 server error.