Metals and Miners Winning the Skirmish

After some giveback yesterday, the precious metals and their miners are performing quite well this morning.

I am still long a piece of NUGT inside the 12631 Trading Service from $41.83, patiently looking to add back amidst all of the volatility which you can expect from the precious metals miners. I am also long other instruments in the precious metals complex.

On the updated chart for the straight up gold miner ETF, with a 10-minute zoomed out look, I want to see this morning’s gap higher largely hold, if not an outright bull flag hold itself.

This is still an area of the market which has been obliterated and, apart from the perma gold bugs, I do not see too many eager to play for a major bottom here. One step at a time, and the failure to fully close Tuesday’s morning’s gap higher amid yesterday’s weakness is a pretty good sign.

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