The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday.
Gold, silver, and the precious metals miners lived to fight another week due to their failure to breakdown.
On the gold ETF daily chart, note the $122.50 prior breakout level (from the highlighted and still-confrmed inverse head and shoulders bottom) remained intact despite some wild price swings last week. The failure to break lower, followed by a sharp reversal higher can be seen as a potential bear trap, particularly with further upside this week.
Continue to key off the $122.50 level.
Silver also held major support last week, at the bottom of the highlighted descending triangle, even when it looked ripe to gap below it at one point. Bulls are looking to see a push over $19 now on the ETF to further the notion of a bear trap sprung.
The gold miner ETF is still…
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