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Bounce For Profit: Metal Stocks Holding Major Supports

May 16, 2012 11:51 AM ETNEM, WPM, GLD
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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.

Gareth Soloway

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