Gold futures are dipping back into that range that has dominated the market since the beginning of August.
Silver continues to shine and is the true leader of the precious metals complex. The bad news is that when silver takes the lead it usually is playing "catch up" at the end of the overall move.
The miners are looking very vulnerable at this point. Next week watch out for a "gap down" from yesterday's low on the HUI at 224.93. If that happens then getting ready to feel some pain if you are holding the mining stocks. Of course if the miners can regain Thursday's high without first breaking Thursday's low then the rally continues.
How is that for a "line in the sand"!
I am almost completely flat with some tight stop losses on the position I am holding.
On a seasonal basis, the week before Labor Day can see the HIGH in the HUI. Of course last year was the exception in as much as the last LOW in the HUI occurred on September 11th, from there the miners have been slowly rising.
Just a great deal to think of over the long weekend.
Peace out and stack on!