The Gold Mining Stocks had a nice rally today closing at 206.45 BUT the the DOWNTREND remains intact with a series of LOWER LOWS and LOWER HIGHS.
However, we do have a little hope for a BULLISH RUN in the near future. If yesterday's LOW holds and the BULLS can take out the HIGH on August 2, 2022 of 212.86 then we might get a little action.
For a bit of perspective I have posted below a long term chart.
The Blue Line represents the prior support area for the HUI at around 236-237 area. If the BULLS can get something going then that would be a target area.
Yep, as we are still in a downtrend.
Gold put on a monster rally today smack into prior SUPPORT which is no RESISTANCE.
As with the miners, gold remains in a downtrend.
Silver's downtrend remains intact despite its recent rise.
So the answer to the question "Are we there yet?".
Nah, the downtrend remains in the precious metals market.
If you are BULLISH a Hail Mary or two might help.
Peace Out and Stack On!