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Gold/Mining/Energy : McEwen Mining
MUX 19.30+2.7%3:59 PM EST
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From: Robov3/7/2017 5:38:05 PM
3 Recommendations

Recommended By
go2hilt
rxbond
StemuliteWorks

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Just a quick updated gold chart. The rinse cycle is progressing along nicely. I expect to see another one or two paper bombs before we hit bottom, but the miners on my list didn't seem to bleed as much today as they have been and some even finished in the green. Like I said I will be watching the miners to help establish a bottom in gold.
They will likely start to base first or even rise marginally as gold and silver continues lower or sideways as the crooked banksters start to load up for the next move higher. GDXJ actually managed to close green today finding some support at the 61.8% Fibonacci level. Likewise for GDX although closed marginally red.
Back to gold. I'll be watching that long term down trend line to see how it holds as support. We could pierce it or trend down it for a few days or we could hit the blue 50DMA line and hold it as support. But like the 200DMA the 50 is a key technical level for the dumb money spec sheep in that if it gets taken out it will probably trigger stop losses further enhancing the downward momentum. This is Classic Bankster activity on the Rinse cycle. I would be hoping for solid support around $1,1185 to just below $1,200.

And just for fun, how's that ROCK SOLID SUPPORT at $1,230 that Andrew spoke of working out?

silverdoctors.com

flic.kr
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