Whilst this one has been slow to get going, it is still looking like the precious metals are set to rally from here imo. Previously Silver had been looking to trace out an inverse H&S and whilst the pattern is no longer in play, the resistance area is once again being threatened and commercial hedgers positioning in the metals still suggests a rally is likely.
Should this resistance area be taken out, a move up toward ~16.50 would be in the cards.
As for the miners, the GDX ETF still sports an active inverse H&S pattern. Should the metals rally from here and this pattern hold, imo we could still be looking at a major low in the miners, giving significant opportunity to look for long trades for a protracted period.
The Silver miners, as with the metal, are lagging at the moment. Look for a break out of the potential basing pattern and for them to begin leading, a characteristic of a metals bull market.
