Precious Metals Offering Buying Opportunity
Back in September when this had it's big run-up I suggested this would be a good buying opportunity when some of the overbought nature of the move worked itself off. Generally a strong move in the RSI (above 75+) will be followed by a correction back to the 40 level on the RSI and that is where it will find support. We may get one final whoosh this week, but if you were looking for an area to get involved in this market, I believe the time is close. I would look for this to move back to previous highs over the next 3-6 weeks
HL and SLW are two stocks that I like in this sector as they are mirroring the benchmark rather closely.
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