SLV could be forming a Hammer candle, which is normally a reversal, which would paint the trend line break as a whipsaw prior to reversal.
HUI has not filled the gap but may also be forming a Hammer…
Interestingly, senior producer Goldcorp has filled the gap…
And the silver-gold ratio is holding up…
It is not my intention to mentally whipsaw anyone, but it is my intention to tell what the charts are doing in-day when I see something notable. From there readers can form their own conclusions and strategies. It is better to have information than not. Again, I ask investors set in their fundamentals and bigger pictures to tune this out if need be.
Back on the micro, if the precious metals close in the above noted condition (Hammer-like candles) it would be a valid condition for a reversal of some sort because a short term downtrend has been established prior to their formation. This could be for a bounce, or a resumed rally.
Just passing along what I see. Short termers should keep an eye on these conditions to see if they remain intact. The more bearish interpretation is that these items are just rising to test the morning gap down.
