Do you Really Want to See the Gold Chart?

To say this has been an easy week for gold investors would be an outright lie. The tight range which dominated the precious metals market since early August broke hard to the downside.

Gold ends the week with an inside bar to the downside.

It appears that both gold and silver are hanging around the price range where the Summer rally took off having given back almost all of the gains.

GDX, the miners, are moving sideways clinging to the 100 day moving average. Also note that the miners closed within the lower Bollinger Band.

There is a large "gap" in the chart caused by the downfall in the price of precious metals. I would not be surprised to see a counter trend rally at some point to close that gap. If the BEARS keep control of the market the next area of support comes in at the 200 day moving average currently at $38.32.

CAUTION is warranted.

Peace out and stack on!