I’m getting a lot of emails on the metals.
We knew at some point that the metals would get a hip check into the boards and we are seeing it today. They were stretched indeed.
Yields are really running higher today so that not helping. The dollar is flat.
Here are some short term support levels on gold and silver and miners if it helps.
SLV- came real close to a 50% Fibonacci level and has been rejected. That was at around $28.
Lateral support on SLV right now is (around 23.50) The next levels down would/could be 21.50 and 22.50. Silver could tag those lower levels and still be technically fine.
On GLD, I am speaking to the etf, not physical gold. But GLD has some support here (180 area). If that gives way, the next levels are 170-175
SIL -is the silver miners. Support is 43-41.50 unless it can hold its 21 -day ma which is around 46.
GDX-support here at 39, but if that gives way then next stop would be 37.00-37.50 which is the 50 day MA. area.
GDXJ – (junior gold miners), has support at 54.50 then 52.20, which is its 50 dma. Then possibly $50
I don’t necessarily like to nibble on big down days, I’d rather wait a little, but it’s up to you, I just wanted to give you some levels to watch.
Keep you posted