Update on Precious Metals and Miners

The precious metals and miners have been a fine mess of late, as they are all still essentially trading vehicles.

I have been laying off the action in the space for a while now. But the recent weakness has gold bears thinking a fresh leg lower is imminent.

First and foremost, the multi-quarter bullish RSI divergences in the gold miners are still in play, with the GDX ETF needing to hold $22.20 on the downside.

As far as the yellow metal itself, or at least its GLD ETF, I would need to see a close back under $122.50 to get me thinking a major breakdown is at hand. For now, it is simply sloppy but still holding above the breakout level for the confirmed inverse head and shoulders bottom. A move back over $128.40 sees me getting active on the long side again.

Silver remains the weak link in the group, with the $19 area in general needing to hold now as support.

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