BML Chart, page-117

The RSI is approaching levels not seen since March 2020.

I have put two lower support lines on the chart. The purple support line has not had any daily closes below it and has constrained price whilst the red runs parallel and constrains the spike lows. The red is not really valid as all trend lines should have a minimum of 3 touches. One more spike low and it would be valid. At todays close the purple support line sits at 32c and the red at 29c.

The top down trend line in magenta is acting as upside resistance. When you look at the magenta and purple trend lines you can see BML is in a falling wedge pattern. You can also see that the purple support channel dissect the 61.8 fib retracement line at 32c.

So we have an RSI approaching an 18 month low, along with price constrained within a falling wedge pattern and price approaching the apex of the falling wedge at the 61.8% fib retracement level.

Add to that the fact that PM's have over the last 4 years put in a bottom between mid Nov and Mid December then I will go out on a limb and say that BML does not have a more bullish set up to bottom and start trending up.

It's going to need a reversal in PM's for this to happen though. Gold is doing its bit and is up 1.5% as I type but silver is up a pathetic 0.48%. Some in the gold world are expecting the gold shorts to slam gold during the US thanksgiving holiday break, so we will have to see what happens over the remainder of tonight and Monday night.