Trading inversely to the major averages, the precious metals and miners gapped higher to begin the new year.
On the ETF for the junior gold miners, on the 30-minute timeframe below, I am looking for $31.20 to act as a concrete floor on any pullbacks, denoted by the lower light blue line. The upper light blue line saw price find some initial resistance this morning in the form of overhead supply at the highs from five weeks ago.
Nonetheless, the action is encouraging, and I have JNUG NUGT back on my radar as long ideas.
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$SLV looks stronger than $GLD. Watching both, but in $SLV small
true, good point
its going to be a silver 2014 ; )
Nugt at 24.50