Is the Recent Consolidation Signaling a Top in the Metals Complex?

by Avi Gilburt
Gold Seek

This past week certainly saw a lot of action in the metals, but we did not see any real movement by the time we closed the week. In fact, gold and silver ended near where they began for the week, whereas GDX did have a little upside progress on the week.

And, after each consolidation we have experienced during 2016, voices are raised about us topping. Many believe we have come too far, too fast. However, each consolidation we have seen throughout the year has only led us to higher prices. So, in truth, I cannot accept the premise that the market is topping unless some amount of upper support is broken.

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