Heavy Metals

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Good Lord, October is off to quite a start, isn’t it? And I suspect the entire month is going to be nuts.

Gold has been trying to recover, but it’s coming up against a well-formed right triangle. So long as GLD stays under 180.30, I believe it is poised to resume its downtrend.

Its cheaper younger brother, silver, has plunged below its supporting trendline. I’d say that $23 is the stop-loss limit for a SLV short.

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