PM Complex Update…

The correction in the stock markets is having a negative influence on the precious metals (PM) complex, which is usually the case.

After reaching the top rail of the October 2024 triangle consolidation pattern on most of the PM stock indexes at the 3rd reversal point, the move back down to the lower trendline is now taking place once again, after the small rally off the red 200-day simple moving average (SMA), which I’ve said several times before won’t be any fun, but that is what corrections are for.

Below is the daily combo chart for the PM complex, which shows the October 2024 triangle consolidation patterns still under construction. The recent small bounce off the red 200-day SMA was enough to get the price action back up to the top rail of the October 2024 triangles in most cases.