Well Coach, the HUI is cleraly indicating a low soon, but G&S have continued to weaken into the very last hour of COMEX session...so badly as to even test overnight lows!
If you expected G&S to strengthen in to the COMEX close, then things need to radically change.
I expected some improvement this afternoon, choppy tonight and tomorrow, and breaking back up on Wednesday. I think gold $1450-1475 is bottom line support and the low last night of $1491 didnt get there. A double bottom at $1490 area just before COMEX session close today might do the trick for a low.
Silver is setting up support shop near $33.50, so that must hold.
HUI has held a full 6 index points above its low on 6/16 when gold bottomed $32 higher, and GDXJ has made a double bottom. Gold stocks want to firm up here as G&S struggle...a really good sign!
Let's see what the last 40 minutes into 1:30 EDT brings here on options expiry day...pic
