Gold has failed a number of importance support levels. This chart has become hideous.
Silver is even uglier. It has broken beneath every key intermediate support level.
Gold Miners (NYSE:GDX) themselves may rally, but they’ll have difficulty getting past that horizontal.
Perhaps the most compelling chart is of the VanEck Junior Gold Miners ETF (NYSE:GDXJ), which were battered down to long-term support.
As another flicker of hope, I would add that the months ahead have a strong seasonal upward bias.