As we come to the end of the first trading week in July, there was a very large deliver of physical silver out of Comex, plus a look at gold surging, silver breaking out, and gold mining stocks.
Large Physical Silver Delivery
July 2 (King World News) – Alasdair Macleod: “15,905,000 ounces of silver delivered on Comex yesterday.”
James Turk: Never any certainty but we might have seen the bottom in gold and silver. Support at $1750 tested. RSI hit oversold. So far uptrend line held during the correction. Both gold and silver bouncing today from oversold. Most importantly, both are undervalued. Always buy physical metal (see chart below).
Gold Holds Uptrend Line And Is Now Surging Higher
Graddhy out of Sweden: It is now trying to break out above my white triangle. We needed to see movement as Gold is still deeply oversold on daily but did not get going, now though, both metals are moving. Now we need to watch the strength of this move as it could roll over into final low. (See chart below).
Silver Breaking Out Of Triangle To The Upside
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Gold Mining Stocks
Graddhy out of Sweden: This chart stills looks great. That is a pretty good place for a weekly reversal candle. We still need to watch the advance out of this daily cycle low though, as it could be that we roll over into a final low after 6-15 days. But right now, it is a buy. That is trading. (See chart below).
BULLISH TRADING ACTION:
GDXJ (Junior Gold Mining Index) Bottoming
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