As of now (and that could change depending on the charts), I’m favoring a little more consolidation and/or correction/downside in both gold & silver so at this time, if either /GC or /SI (or both) continue down to those lower (2nd) targets, that would likely be an objective level to start adding back or adding to long positions in the PM’s & miners. I should add that it is possible, although not my preferred scenario, that the correction/consolidation in gold & silver is over or close to being over now as I’ve seen times when the bullish trend is so strong that the corrections are very shallow & short-lived with divergences & overbought conditions resulting in very little, if any, give back in gains before a resumption in the uptrend.

All I can say right now is that I am near-term (just days to maybe a couple of weeks or so) neutral to mildly bearish on the metals & remain intermediate & longer-term bullish. Therefore, my thoughts would be that a longer-term investor/trader might just continue to scale into positions on pullbacks (i.e.- buy the dips) & not worry so much about trying to nail the bottom of this correction/consolidation where active traders might opt to jump in & out, long & short, when the intraday charts like the 60-min charts above appear to provide objective entries.

Nice spot. Certainly a downtrend line worth watching as the trend remains bearish until/unless that TL is taken out with conviction & if so, then you’d want to see coffee take out the early July highs as the next resistance level. Thx for sharing.

https://www.screencast.com/t/ULBIhhONf5V3

I am still very much long-term bearish on BA & yes, very much think that 317.64 target from the last BA trade will be hit & then some. BA is starting to crack below that large weekly bearish rising wedge but we need to see a solid weekly close below in order to provide a longer-term sell signal. Keep in mind that should that T1/317.64 target be hit, that would also put BA well below that primary uptrend line on the weekly chart, thereby opening the door for a much larger correction/bear market in the stock. As such, you might consider lowering stops if/when that target is hit & letting the trade ride. Here’s that weekly chart:

https://www.screencast.com/t/fCcBNqzL

P.S.- Going forward, please keep the comments below these home page posts relevant to the security(ies) covered in the post. All chart requests/opinions should be posted in the trading room. Thanks.