Gold continued to slide today, slipping just below $1860 per ounce before finding some sort of support.
Lets not get too excited BUT silver after getting hammered down to $22.63 per ounce silver did rally hard to end slightly up for the day.
The miners, after being smacked in the open, did rally to close in the green.
GDX did manage to CLOSE within the lower Bollinger band. Not much to say at this point, as with yesterday's carnage the 18 day moving average crossed below the 100 day average. The stochastic remains in oversold territory.
Do you believe that certain moon cycles effect the markets? If you are a gold bull it seems like that may be your only hope at the moment, as tomorrow the moon is at Apogee (the moon is farthest from the Earth on Apogee).
Some folks swear that the Moon has an effect on the markets. I remain skeptical but since others believe such things I thought I might mention it to test the theory. The theory basically is that turns in the market occur on or around the Apogee and the Perigee.
If I am mentioning "moon cycles" it is only because nothing looks good in the metals markets from a technical stand point.
If gold breaks the last area of support around $1850 per ounce, then we could see another sell off to the $1780ish area.
Peace out and stack on!