The precious metals sector moved higher in the first days of this year, but based on yesterday’s decline and the current price levels, 2018 is already a down year for silver and mining stocks. Is the rally indeed over?
Gold and silver have risen for the third straight day and both precious metals look set to close the week higher. Over the past nine weeks, gold has risen on eight occasions. Silver meanwhile has risen in each of the past nine weeks.
Last Friday, gold experienced a “golden cross,” a technical indicator that occurs when an asset’s 50-day moving average crosses above its 200-day moving average. It’s the first such movement in nearly two years and is a sign that gold might have further to climb.