It is a high-stress day in the metals and mining markets. Miners and Silver are threatening a breakout – the next 48-hours are critical.
-GDX (11:35 AM)- Today’s gap in miners (GDX) is critical. If the gap remains open (prices stay above $39.33), then I see the potential for a spike higher. If today’s gap fails (a daily finish below $39.33), then prices likely peaked.
Silver futures are above $20.00, and prices could be breaking out. The next few days are critical. If silver continues to explode higher through $21.00, then it could hit $25.00+ quickly. A breakdown and bearish reversal in the next 48-hours would imply a “breakout-fakeout.”
Gold Futures tested $1820, and prices stalled a bit. They need to exceed $1825 within the next 48-hours to maintain bullish momentum.
Dropping back below $1800 would sponsor an intermediate top and beginning of a 1 to 3-month correction towards $1550.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit here.
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