Buy volume is already surpassing yesterday in the GLD ETF. We had observed the hammer-like bottoming candle a few months back. However, smooth sailing it has not been for metal bulls, with several months of choppy action. Gold is outperforming silver today, and continues to base along its 200-day moving average while working through a narrowing triangle. I am looking at $163 and then $164.40 as the main upside triggers.
Furthermore, platinum has been the real story with the metals of late, though that is certainly overheated short-term. Thus, perhaps we see a reversion trade setting up, with gold catching a bid while platinum cools off.
Finally, with respect to miners, Silver Wheaton is one of the better ones. And it has been rally since late-January while the rest lay dormant. I am looking to see if the rest of them play follow-the-leader.
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