TA Suggests That Patience Is Still Required...... before the big rally in precious metals happen. Excerpt from
PRECIOUS METALS MINERS SETTING UP FOR A BREAKOUT RALLY – WAIT FOR CONFIRMATION:
Again, we need to wait for confirmation of these breakout moves. The technical/price setup we are seeing in both NUGT and SILJ suggests a potential breakout move may happen within the next 2 to 5+ weeks. There could be a deeper downside price move, a washout price low, that happens as the APEX of this move completes. It is not uncommon for a “washout” trend to happen near a Flag/Pennant APEX.
Overall, the next few weeks in the markets suggest we are likely to see fairly big sector trends and moderately strong support for Metals and Miners. The strength of the US Dollar will likely keep metals from attempting any type of breakout move for a few more weeks. When the Metals/Miners breakout move starts, though, it could be VERY EXPLOSIVE.
2 to 5 weeks before the explosion? Perfectly fitting with the publishing of the PEA!