I call it noisy because I am sensitive to the fact that I introduced it to you, increasing your noise level. But sometimes it’s damned if you do, damned if you don’t. It’s a fine line.
Anyway, the little would-be bounce pattern in silver is all done as it has broken down, breaking the pattern that wasn’t. On the plus side, this affirms that the original and best plan for the silver correction – and in its leadership – the precious metals complex continues, and our lower objectives are still targeted.
For silver (current: 23.03) that means the SMA 200 at least, and the low-mid 20s also very likely, which would make a hard fought higher low to the March low.
For gold (current: 1942) that means the daily SMA 200 at 1853 (and rising), with allowance to a hard test of 1820 and a slight higher low.
For GDX (yesterday’s close: 30.14) it means a dink below 28 to fill the gap and make a higher low to March. For HUI (233) we’re looking for the 220 to 230 range.
