A Nice Save

After some ugly price action yesterday, gold miners found buyers this morning for a gap higher. On the GDX, ETF of the senior gold miners, daily chart, below, note the horizontal light blue line provides well-defined support around the $13 level. 

While GLD and SLV, the ETFs for the gold and silver metals, respectively, are nearly or already short-term overbought, miners may very well have more room to go higher in light of the apparent failed attempt at a breakdown yesterday. 

I am also keying off premier silver miner SLW and some juniors like AGI PAAS for clues as to whether this reversal will stick and have legs. 

It is also noteworthy to see the precious metals and miners gain steam even as equities slump, perhaps indicative of a safe haven bid, if not a mean reversion from the last few years of seeing one-way higher trades in stocks and one-way lower trading in the precious complex.

I will flesh these ideas out, and plenty more, for Members in my usual Midday Video.