Friday, April 11, 2014

Gold,Silver,Gold miners Update-Silver ready to run but which way?

GDX: After March highs miners had a steep fall and then a bounce at around 23,5$.We believe that miners probably will have a new leg down towards 22,2$ where they should reverse(at that time RSI will probably hit support at around 42).If GDX falls more than that,then next stop is ~20,3$.In that case the scenario of an IHS is not on the cards anymore.

GOLD: Similar to GDX. We think that it will probably move towards 1240-1250$ where it should bounce

SILVER:Silver is getting ready to move fast, as its price action is confined within  narrowing Bollinger Bands.
We believe that before that, silver might move towards 19$ where there is strong support.If this support breaks then silver will move towards 16-17$.If support at 19 holds then we may see a fast upleg in silver towards 24$