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Correction in Gold and Silver Stocks Nearing End

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We are 19 days into the correction and we see some stealth signs of strength.

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Moving to Global X Silver Miners ETF (NYSEARCA:SIL), we see the same things we see in the previous charts. The market has maintained support at $23, RSI is holding above 50, there has been little distribution during the consolidation, and the silver stocks are trending higher against SLV.



Precious metals shares enjoyed a strong summer rebound after forming a double bottom. Their overbought condition has been worked off in a consolidation more so than a correction. As we noted, the shares are quietly showing signs of strength that hint at another leg higher in the not too distant future. The shares could remain in consolidation for a few more weeks but it would not impact the bullish prognosis for the medium term. As long as recent lows hold, this bullish analysis applies going forward.

Good luck!

Editor's Note: See more from Jordan Roy-Byrne at The Daily Gold.
No positions in stocks mentioned.

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