13Feb11:32 amEST
The Last Good Stand: Precious Metals and Miners
The breakout in silver this morning, highlighted on the daily chart ETF below, is just what the doctor ordered for gold bugs given the weak action following last Friday's jobs number.
When we see the chart from a broad perspective, note that this recent low likely marks the last stand for bulls to try to enforce a major bottoming formation, else succumbing to the long-term bear market pressures of another leg down.
While not always the case, when silver leads gold to the upside and performs well it is generally a bullish sign for the complex.As such, the likes of UGLD USLV JNUG NUGT are back on my long radar today.
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