It’s safe for the time being but we believe that Gold will ultimately break back below $1200 and below $1100 before the end of the already long in the tooth bear market.
Precious metals miners have successfully digested their sharp gains from early summer. The miners have continued to hold above key retracements as well as 200-day moving averages that are now sloping up.
The miners have begun another leg higher because the evidence strongly supports the view that they have formed a higher low. Only time will tell for sure but the evidence is quite strong. It seems that every analyst was calling for a July low.
