It has been strong and resilient and that is what bulls should be. Nothing has changed in my longer term view based on the current count and the low of Major 4 around 1480.
Shorter term, I said that gold needed a move below 1770 for shorts to get traction. That did not happen and gold embarked on a climb to meet and better the prior high.
For any trading position initiated at or below the small break out I have marked with a green arrow, partial or full stops may be lifted to a break of the short-term purple trend line. If I wanted to give a portion leeway, I would set stop for that porotion below 1810, but that may be too much of a drop for a short-term trade initiated north of 1800 with the intention of a fast hit.
Again, this is not about core reduction or longer-term stops for me and is just about any new trades
This is silver
I have been saying that silver above 37 might mean that PM area is OK. I first said that when silver was around 39. Any short-term trade from 39 area may lift stop (at least partial) to below 42
What I am interested to watch when regular market activity resumes, is how miners behave. I have already showed the range on GDX and the sideways range on its weekly chart. Let’s look at HUI
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