A Look at the Metals
We could possibly be seeing a bottom in Gold as well as Silver, which is just basically the leveraged counterpart. The commodities are down YTD, while the market remains higher. Miners have been taking the biggest hit, as GDX has fallen 20% over the past three months compared to a 6% decline in GLD.
You can see a similar base forming over the past month in all the charts below, which includes Gold Miners. In addition, you can see momentum picking up on the upside by looking at the rise in RSI while price remains in this trading range.
Don’t pull the trigger early. If this does reverse there will be plenty of time for entry. I will primarily be focused on the GLD chart and wait for a breakout in Gold before considering the other choices.