Courtesy of Chris Kimble
Gold / Silver Miners Index (XAU) Chart (Oldest Mining Index, which combines Gold & Silver Mining Stocks)
The rally in precious metals has been impressive.
Gold is up over 9 percent in 2020 and over 35 percent in the past 18 months. Silver is up nearly 4 percent in 2020 and over 25 percent in the past 18 months.
And when precious metals prices are strong, it provides a strong tailwind to gold and silver mining stocks.
Today’s chart highlights the rally on the Gold & Silver Mining Index (XAU)… and why it’s testing an inflection/bullish breakout test!!!.
XAU is testing a price level where four support/resistance lines come into play at (1), near the 112 level. What the index does at (1), will most likely send a very important long-term message to miners!!!
This article was first written for See It Markets.com. To see original post CLICK HERE
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