by Jordan Roy-Byrne, CMT
The Daily Gold
The historic action of the precious metals sector over the past few weeks has continued.
The strong recovery in GDX, GDXJ, and Silver has potentially invalidated the technical breakdown that occurred during the crash. It appears to be a failed breakdown.
Furthermore, Gold was looking vulnerable on the weekly, and monthly chart yet was able to slingshot back to $1700/oz. It is currently up $88/oz or 5.6% this month, while the S&P 500 is down 14%.
The market provides and conveys information day to day and week by week. Still, monthly charts will smooth out the volatility, and that is especially important during periods of extreme volatility.