Gold and silver look like they need to go lower to find support as they are technically stuck in a no man’s land. Although it sure likes we have got capitulation engaging based on volumes on GLD and SLV. That would imply a bottom is coming sooner rather than later.
HUI has hit the 420 target, but the plucky HUI-Gold ratio is standing firm as a positive indicator on these events. I simply cannot tell you when the bottom will be in because picking a bottom in such a momentous occasion is difficult anyway and also I am remotely accessing the markets today. I am not in my comfort zone at my desk, control center, war room, whatever you want to call it.
Look for a reversal on big volume over the next few days. Fundamentally, we should note CoT data and technically we want to see HUI-Gold remain a-okay, which it still is. I will be out of touch most of the rest of the day. Good luck and let’s keep our heads screwed on straight.