Understand that in-day moves can also be whipsaws, so take them for what they are; current views and not a daily or weekly close, which are firmer.
GLD is breaking the Triangle. If this is successful, the next stop might be 1308 for gold per this morning’s update.
SLV could still be bear flagging (flag not shown in this view) up to the top of the downtrend channel after bouncing off support.
GDX is doing this presently (weekly chart). It’s at the channel top and so what? As of 11:24 US Eastern time on Thursday I have been wrong in anticipating a reaction or pullback of any substance (we have had one day hits that quickly recover). But that is who I am; I’ll always note caution signals but will not always be right on them, at least not down to the day or even the week.
That said, I continue to be in trading mode (sell pops and buy pullbacks; most recent example AAU got hammered early in the week and +11% today) until I get resolution to whether we are going to break out or test support… or both. Yes, I meant to write that. It’s a volatile sector in both directions.
The greater theme continues to move toward ‘new bull market’.
