Keep An Eye On Gold/Silver Miners For Possible Support

Since so many have their eyes on Gold it may be a good idea to present some potential targets. How far will Gold fall? Well, there are some projected targets that can be illustrated to keep on your mind. The obvious one is the current daily head and shoulders present on the daily GLD chart below that gives us a sub 110 target.

gld

However, If you have been shorting gold then it may be prudent to maybe keep a focus to see if the Gold/Silver miners can find support soon. The weekly chart below shows how support from the 2008 lows could provide such support for a reverse in trend.

Screen Shot 2013-12-19 at 7.14.46 PM

Support from the 2008 lows is approaching and could present a spot to be cautious at. If this breaks, then I would look for  the measured move from its own head and shoulder.

xau

XAY target

The charts today are showing that there is a buying opportunity around the corner, but the spot at which it turns is a delicate one. There is some more downside left, but presently indicators are saying not a tremendous amount. Will revisit this when $GLD is sub $110.

Good Luck.

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