Metals & Miners holding above 50 day moving averages

Here is the graph on gold with a very clear head and shoulders trace. This is negative for gold, but gold has failed to break below the 50 day moving average though it has been close to it for three days. During the NY market today, gold was up, so we may have reached the end of this correction.

Looking at the 24 hour gold trace, we see gold moving higher over night. This is sending a good message, but it could be slammed down again as it has been in Asian trading this week.
The miners are staying above the 50 day moving average even though they closed down a bit today. All of our mining stocks are in buying range. However, as I said before, if you decide to buy, purchase smaller quantities and use caution. We might see lower prices in the near term, but these prices are very inviting. You make your decision based upon your portfolio, available cash, and risk tolerance.
The gold bugs were intraday slightly below the 50day moving average, but recovered to close above the average. They seem to be holding well at current level. Tomorrow and Friday will be interesting. Stocks options close on Friday which could be an exciting day in trading.
Silver is up slightly over night. Silver seems to be the metal which is in the cross hairs of the bullion banks. It may be their primary target. Silver may be our better performer in the near future.
Over 939 and silver at 14.37 with both on an up tick. Both metals are perking up a bit in Asian trading for which we should be thankful. Perhaps, we are at or very near the bottom of this correction. We will have to follow the market to see if we are facing a consolidation at near these levels before another assault on the recent highs. If this pans our, we will have more opportunity for careful buying.

In the meantime, rest in the Lord and be certain of His Sovereignty in this as in every other area of our lives. He continually watches over His people and tests them from time to time to encourage their growth in a Christian world and life view. Through the process we call "sanctification," He grows His people into the likeness of Jesus Christ and calls us to bring the light of the gospel to the fallen world in which we live. Thus, we are to reflect His love to others with which we are brought into contact.

Best to each, Doug