Bounce For Profit: Metal Stocks Holding Major Supports
The metal stocks continue to hold key support levels on their daily charts. Stocks like Goldcorp Inc. (USA) (NYSE:GG) and Silver Wheaton Corp. (USA) (NYSE:SLW) are into major support as shown in the chart below. These stocks have seen a dramatic decline in recent months as the Dollar has surged and gold and silver have fallen. The SPDR Gold Trust (ETF) (NYSEARCA:GLD) hit a 52 week high in 2011 at $185.85. Today, the low was $148.98.
As scary as the charts look on the miners like Silver Wheaton and Goldcorp, a bounce is likely in this range. They are oversold and into major support.