Gold and Silver Pullback

Gold pulled back a bit even dipping slightly below $1800 before regaining that level in the CLOSE.

Yesterday I wrote: "In a perfect world I would like to see a retest of the breakout, but until then let the good times roll!"

Is this a retest?

Silver popped in the am before backing off but maintains a close above $19 per ounce.

I should mention that today's action did set up a sell signal in both gold and silver.

We shall see if it is elected and how deep it will go.

GDX, the miners, posted an outside bar to the downside. Outside bars are important to pay attention to as they can signal powerful moves. If today's low is taken out in the next two trading sessions then the 18 day moving average is the target (currently setting at $35.41). If however today's HIGH is taken out Friday or Monday then it is a "bear trap".

The nice thing is that today the market filled yesterday's "gap" to the upside.

We shall see if there are any legs to this move in the next few sessions.

Peace out and stack on!