Are gold and silver miners about to send a bullish message for the first time in 10 years? We will see soon.
The Gold & Silver Miners Index has created a series of lower highs and lower lows inside of falling channel (1) over the past decade-plus.
The current rally has the index testing the top of channel (1) at (2). This is the first time the index has tested the top of the channel since the lower highs in 2011.
At this time the index is testing a triple resistance price zone at (2).
If the index succeeds in breaking out at (2), a long-term bullish message would be sent from this important mining index.