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VanEck Gold Miners ETF
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GDX
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$37.69
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+0.21%
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$38.00
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$38.05
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$37.31
Mark L. Newton, CMT AC
Head of Technical Strategy
Mon, April 22, 2024 | 10:26AM ET
Big decline in the precious metals this morning, and Silver has fallen 4%. I suspect this will bring attractive opportunities for both Gold and Silver with support found near $26-$26.50. Given that Rates are closing in on cyclical peaks, this should be positive for precious metals, and now this pullback should create an appealing risk/reward for Silver likely by mid-week. As this chart shows, a move under prior lows of the prior week is certainly not a great technical development, so i expect this will lead to a bit more selling on Tuesday into Wednesday. However, following an extended period of gains and now a quick decline to multi-day lows, this appears like it should lead to opportunity for the Precious metals bulls sometime this week. SLV0.20% and SILJ-0.56% along with GLD0.42% and IAU0.48% and Gold miners GDX0.21% should be considered attractive to own this week on a bit more weakness.
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Last updated: 2025-01-22 15:00:01