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Gold/Silver Index Retesting 200 Day Moving Average

Published 02/20/2017, 12:10 AM
Updated 07/09/2023, 06:31 AM

Mining stocks, via the Philadelphia Gold/Silver Index (XAU), have broken their daily cycle trend line and are likely to retest their 200 day moving average over the next week or so. This would potentially allow the daily RSI(5) to push down to an oversold reading near/below 30, give the rising 50 day moving average more time to catch up to price, and trigger the stops of traders who bought the breakout above the 200 day moving average within the past month.

This is a normal corrective move that is unlikely to last much more than a week.

Latest comments

Hope the bull continues. But that said. Im 5% heavy Dust for Tuesday morning so a swing either way could mean a good payday if i can dump the right loser PM.
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