Of course they are re-testing during FOMC week. We had been looking for a short-term re-test of the May lows in the metals and miners and on Friday the miners did that (to a degree) before quickly reversing upward. With yesterday’s drop that to near Friday’s lows HUI’s test is obviously still in progress.
Now gold appears to be on the re-test express after failing (short-term) to do much with Friday’s nice looking reversal to hold the 200 day average (orange). It has ticked back below the lateral support area and we are back to looking at support in the 1780 to 1800 range. That and the black dotted handle breakout line will be important to keep the bullish big picture going.
Silver failed the 22 area resistance we’ve noted as very key. It’s curling down now for a retest of its own. The way markets push limits I would not be surprised to see the metals and miners tick lower lows just to shake out more hangers on. That’s assuming the near-term bullish case is to resume after FOMC. Recall from NFTRH 709 that silver’s key big picture support levels are 21.25 (already tested and being tested again this morning) and 18.25.
