Next Monday is end of 2014-Q-2, ... I'm sure profits from this most recent Bull Run in the PM's by Fund Managers of all types will look good on paper for their costumers, ... as they take some profit to add to the artificial gains that are unsustainable for the most part that came from the broader markets, much of the action in the B-3 are, and have been coming from selected sectors lately, and most of them have been Milked Dry, so it makes sense to pump up Gold and Silver, ... as it offers some of the Best opportunities for quick gains, ... seeings how beat up its gotten over the past couple of years.
Lets see if its sustainable, a move back below $1,300 has the potential to take it back to the low $1,280 area, and we drop another $20 from that point to its next support.
On the other hand, if it can take out the low $1,330 area in the next few days, then we might have something here, but ultimately, we need to get back to and above $1,392 asap.
Regarding MUX, ... a move back to the breakaway-gap at $2.43/45 might come into play if violates and or closes below $2.63. Today's low thus far has been $2.69 and if it close below $2.75 today or by mid week, MUX might become a candidate for a quick run to the gap.
I would consider buying some MUX if it does return to the low $2.40s.
On the other hand, ... if MUX can sustain a nice base above this area, preferably above $2.82/83 today or by mid-week, it could make another attempt at the $3.08, especially if it can move and close above the $2.87 on strong volume, today's volume, with the exception of just a few on my list, ... are at or below average, but we still have a few hours of trading left yet! |
