Correction in Gold and Silver Stocks Nearing End
We are 19 days into the correction and we see some stealth signs of strength.
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.
Editor's Note: See more from Jordan Roy-Byrne at The Daily Gold.
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