It has been a particularly rough patch for the precious metals miners over the past few quarters, especially considering when global risk appetite has proven itself to be alive and well. Despite looking for divergences and sentiment compatible with a bottom, we simply never got our trigger to actually act. Unfortunately, that is a big part of trading–Being a keen observer but not doing anything if there is nothing to prompt you to execute.
What I will say, however, is that arguably the premier gold and the premier silver miners are acting better. RGLD is breaking up and out, apparently, today from a falling wedge after a sharp downtrend (generally consider to be a bullish reversal pattern in this context). In addition, SLW has been scalloping out a long base bottom and handled the recent two-week rally exceptionally well with what looks to be a bull flag here.
Watch other miners to follow suit.
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