Gold and Silver remain walking on thin ice.
Very brief Dow Theory update today.
US STOCKS
Recent declines from the last (confirmed) primary bull market highs do not qualify as a secondary reaction yet. We still have to wait. Thus, the primary and secondary trend remains bullish.
Gold and Silver
While we are very close to a re-confirming the primary bear market (more about this here). Gold remains above the last recorded primary bear market lows, and hence, silver lower lows remain unconfirmed.
As to the gold and silver miners (GDX and SIL) no changes.
Sincerely,
The Dow Theorist.
