Cycle trading: update: Silver miners leading
Back on 12/30/20 we looked at the precious metals sector.
Last week the Miners closed out the week being contained by the declining 10 week MA. This week the Miners have started off strong and have broken convincingly above the 10 week MA and is now testing the declining weekly trend line.
Gold has broken convincingly above its declining trend line confirming that week 37 was the intermediate cycle low.
And even with the gold Miners up 6.91% and gold up 2.72 % the Silver Miners continue to lead the charge.
The Silver Miners ended last week breaching the declining weekly trend line. This week they have delivered bullish follow through and started off really strong, up 7.85% on Monday. This is only week5 for the new intermediate cycle. Precious metals should rally for the next 2 – 3 months before topping.
Reprinted from FXStreet，the copyright all reserved by the original author.
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