The precious metals obviously got caught up in the sleazy sentiment backdrop whereby everybody’s terrified on Wednesday and relief sweeps the land on Friday. Never mind that Payrolls sucked and nothing has changed. It’s all going to be about the Fed and its policy, which has not changed.
This is the technical tolerance to a normal correction. The gap is filled (as are the gaps on GDX & GDXJ) and the moving averages are being tested. If this breaks down it will have been a bear flag and tired as I am of writing it, the 260 +/- target would come back into play. But here’s the thing; as yet the tolerance has not broken.