Well that escalated rather quickly. I have been writing for weeks that the precious metals have been trading within a very tight range.
I have also stated that from tight ranges come BIG MOVES.
I have repeated that "CAUTION" is the word of the day.
Gold broke the range in stunning fashion getting as low as $1858 per ounce.
Silver is outpacing gold in the selloff.
You have been warned!
GDX, the miners, broke way below the Lower Bollinger Bands and sliced through the 100 day moving average.
The stochastic is now in OVERSOLD territory. Just remember that a market can remain oversold longer than you can remain solvent!
I have linked an article by Rambus which goes into greater detail of what he thinks is happening in the market. https://rambus1.com/2020/09/21/markets-update-268/
Caution remains the word of the day!
Peace out and stack on!