I am starting with the daily chart in gold, which had a nice day to the upside.
Despite today's action gold is very much on the verge of another down leg. The key number to watch is the previous low at $1808.80. A hard break below that number and gold will officially be in a downtrend on the daily charts.
I am posting the Weekly chart of silver which is not looking that good. I have been neutral on silver for several weeks now. Perhaps it is because I am a true believer in silver and that can be a dangerous thing when trading. To put it simply there is no reason to be long silver at this point.
Finally the mining stocks which have been getting hammered as of late.
The HUI Index is as of today's action officially in a downtrend. A downtrend is defined as a series of LOWER HIGHS and LOWER LOWS.
Today the HUI Index broke below the previous low officially making a series of LOWER HIGHS and LOWER LOWS.
I just do not see any reason to be long this market.
In fact looking at the S&P 500, I can't see any reason to be long any of stocks.
Just plan ugly, to me.
Now there is something that looks great!
Peace out and Stack On!