Metals and Miners are trading higher. Miners formed swing lows, but gold and silver haven’t. Gold needs a daily close above $1,250 and silver above $16.50 to set swing lows. A swing low doesn’t guarantee a reversal; it’s merely the first step in changing direction. Closing progressively higher above the 10-day EMA would validate interim lows and bounce.

Gold - Prices fell short of the intermediate trendline. To be sure this isn’t a transient response to striking the 200-day MA, I’d like to see a daily close above the 10-day EMA ($1,257.76) before declaring a bounce.

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Oil continues to fall, and the XLE broke the budding divergence. Nevertheless, crude is oversold and due for a rally. I might enter a short-term long position if oil completes a reversal candle.

Short-term trading continues to be difficult in Metals and Miners. I don’t see an advantage in either direction at the moment.