The HUI Index of gold mining stocks closed below 200 today. The downtrend in the gold mining stocks remains intact. The key will be to watch is how LOW do the mining shares go!
I have my eye on the LOW on July 25th of 192.45. If the HUI closes below this level then get ready for another leg to the downside.
Gold has started to roll over!
Silver is diving deep!
So with the recent action in the precious metals it is clear that the downtrend remains intact. The key is to watch last month's LOW. If the metals break those lows then down the tubes the precious metals go!
If the metals can establish a HIGHER LOW then we may finally have an end to the downtrend which can only be nullified IF the recent HIGHS are taken out. The key to this game is patience and as of right now I see nothing "BULLISH" in these markets.
Peace out and stack on!