When a market enters a consolidation phase it becomes a real meat grinder whipping around trying to find direction.
Gold was down today, but the good news for the bulls is that the previous low was not broken. So long as the last low holds then gold is in a consolidation phase.
If that low is taken out then gold is in a correction phase.
Silver posted a small gain today and continues to trade within the range of the previous high and the previous low.
GDX, the miners, posted a gain for the day as the bulls tried to regain the 18 day moving average.
As I have mentioned in my past few posts, when a market enters into a consolidation phase the battleground is usually fought around the 18 day moving average.
Welcome to the meat grinder as the precious metals market seeks direction.
Peace out and stack on!