Gaps are filling

The gap is filled on GDX and price has hit and blown through the the 20 day MA.  This was in the cards when stochastic crossed back below 80.  Chart support comes in at 48, the previous low and also the 50 day MA.  And well look at that, it bounced right there at support.  If 48 does not hold the next few days, the 46 level comes into play with support comprised of a prior low, both the 100 and 200 day MAs, and the Bollinger band.  Although the nearest gap has now filled, there is the problem of the other gap at 45.  If we look to be heading to 46, it may be prudent for a long entry in the gap around 45.      



Gold got smacked by weak longs running for the hills after seeing price stall at 1240-1250.  They have been conditioned to flee with their meager profits before the bullion thugs can engineer a waterfall.  These idiots play right into the Banksters plan and all the while they think they are smart.  Ya right.  At any rate, all that is happening is that technical readings are coming back to neutral and setting the stage for the next move.  GLD closed on support, the 20 day MA. Further support waits at 113, the breakout level for the last move.  In between that layer of support and the current price is the Fibonacci 38.2% retracement line. A small gap exists at 115 that I feel will likely be filled on this pullback.  If we see consolidation around there, I will be a buyer at 115.  The rest of the week will tell us if this is a broader correction or a minimal one like the last two have been.

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Silver cut through the 20 day MA and bounced off the 50 day MA, which is now support. More and strong support comes in around 17 where the 100 and 200 day MAs are, along with the Fibonacci 50 % retracement level. As with gold, I am looking for the technicals to show me when momentum higher returns. I will be a buyer.

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