Gold made a new overnight low reaching $1,238.80. Prices could be attempting a double bottom with December’s $1238.30 low. We won’t know the official swing low target until after today’s close.

Silver is bouncing, and prices are back above $16.00. Prices would have to close above $16.18 to create a swing low and possible bottom.

-GDX- Miners will likely open higher this morning. Prices would have to close progressively above $22.60 in the coming days to support a meaningful bottom and potential breakout.

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It’s too soon to know if gold and silver bottomed. I’ll be watching miners for clues. If we see strong buying and significant upside follow-through into the close, then gold may have bottomed. If miners open strong but fail to continue higher or selloff into the close, then gold and silver may have a little more work to do.