Silver reached $17.49 before collapsing to $16.51 intraday. The short-term breakout above last week’s high ($17.26) was short-lived, and an interim top is supported.
GDX DAILY CHART
Miners closed lower on Monday as gold rallied above last week’s $1522 high. That non-confirmation delivered a timely warning. The MACD has diverged negatively supporting an aging trend. A cycle high is plausible; closing below $28.00 would establish a top.
Gold had a nice run off the May low, but prices were unlikely to make it through resistance surround $1525 – $1550 on the first try. A multi-week correction should offer favorable buying opportunities.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit https://goldpredict.com/
This article was originally posted on FX Empire
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