For the forth time in recent weeks the Bears launched a massive assault on the $1850 per ounce. And for the forth time the Bulls held the line.
The LOW came in at $1850.45 per ounce. Clearly the $1850 per ounce is an important price to watch. Below this level there is a potential for a sell off down to the $1780ish price zone.
Silver got very close to the low of that HUGE "Biden Wins" bar but did not breach it.
The Miners got smashed this morning getting very close to the lower Bollinger band and briefly traded below the 200 day moving average. I imagine that the BEARS began closing short positions early in the trading sessions.
I doubt we see a free fall tomorrow, more likely some sideways action and more closing of short positions. However, caution is warranted if you are tempted to go long as the stochastic is in oversold territory and GDX is well below the 18 day moving average.
I would be remiss to add that the US Dollar is at long term resistance so keep an eye on the dollar. If the dollar bounces off resistance then GOLD could get hit. Conversely if the Dollar breaks to the downside then gold would likely rally. I hope that makes it as clear as mud for you.
Another day and President Trump has yet to concede the election. Hmmmm
Peace out and stack on!