It’s one thing for mining share to get hit on days when the broad averages are getting savaged, but quite another for precious-metal prices to fall, especially with the fiscal world on the brink of chaos, if not collapse. Yesterday’s moderate reversal in no way affects the 1652.00 target that has served as our minimum upside objective, but we should pay heed nonetheless if bearish impulse legs start cropping up on the hourly chart. It would take a print at 1607.10 today to do that, so let’s set an alert at that price to warn us if it becomes necessary to reef the sails. Please note that yesterday’s reversal came within 1.00 of the 1627.80 midpoint associated with a secondary target at 1648.30 (still valid in theory) and that a fall to 1607.10 would negate both.
