I am calling it a week and starting the holiday weekend a little early.
When I last posted on the gold mining stocks, I queried whether the recent uptick was a dead cat bounce. @handofzara/is-the-sell-off-over-or-do-dead-cats-bounce
There was a little bounce but mostly sideways action with no real strength. Sometime next week we should see if the HUI begins a pullback. If there is a pullback then the prior low at 238.55 needs to hold. If this level does not hold then the sell off will continue.
Gold is meandering along sideways just like the miners. If the bulls can get something going there is significant resistance at the $1885-1890 level. Gold needs a spark.
Silver is the carbon copy (funny "carbon copy") of gold.
Does anyone here remember carbon paper? Dang I am an old fart.
Anyway time to start the weekend.
Peace out and stack on!