At the End of the Stormy Rainbow

The newfound resilience in the precious metals and miners complex continues to impress, with each sell-off being met with buyers willing to stem the tide. To be sure, this represents some change in character from what we had previously seen in the space, with each bounce not only getting sold into but also following-through much lower. Into the afternoon portion of today's session, the junior gold miners and silver, each on their respective ETF charts, below, appear to be the most actionable on the long side into strength. GDXJ is on the daily timeframe for the junk miners, with room to rally yet as it bases under the declining 50-day moving average (darker blue line), while basing above the falling channel breakout (light blue lines). And the silver ETF is on the hourly timeframe, trying to scallop out a bottom. Another leg higher in the metals and miners could be playable and profitable if buyers can firmly take the initiative from these short-term consolidations. _____________________________________________ _____________________________________________