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The charts below illustrate: gold, silver, and gold stocks are all at their 200 EMA.
Here's a look at gold:
Here's silver:
And here's GDX, an ETF consisting of gold mining stocks:
This might be a formidable resistance level, especially since the market is appreciating with great velocity into it. The small range that formed over the past couple days may signal distribution.
Personally I'm not selling, though I do think the case for bearishness based on technicals is reasonable.
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