Gold & Silver, Update

We’re about two hours into the overnight session.

Gold (GCM25) is holding steady with a marginal decline.

Silver (SIK25) has posted a characteristic opening ‘spike’ reversal (5-minute bar), threatening to move lower.

At this juncture, the important part, is what’s not happening.

That is, neither metal has had a (significant) gap-higher open; they are not continuing their unabated advances.

For silver, we’re going to update the SLV, ETF, chart.

Silver SLV, Daily

As of this post, the (futures equivalent) ETF close of last Friday (29.19), is holding.

Trading is still at the 61.8%, Fibonacci retrace.

From a positioning standpoint, this sector (precious metals) is already held short via the Junior’s leveraged inverse JDST (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

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