The Philadelphia Gold & Silver Index(XAU) has commenced on a new weekly down cycle. The Index has fallen below its declining 50 day average and the MACD faster moving average line has sold below its slower one. Hedge funds trade these conditions prior to and when initially cave in on the short side with the big golds. The tired and even stronger juniors just follow suit. This is what we are seeing today in Probe.

Probe's sterling technical chart conditions remains the same with major support standing in at the 1.70 to 1.74 zone. The downside influences should be around for about a month. The severity of percentage losses will be determined by the extent of gold's current weakness and that my friends, is the $64,000 question. Unfortunately for all shareholders in this sector, we are slowly entering tax selling season.

Hopefully for us, the coming drill core results from the high grade section turn the tide against these affecting factors.

tockcharts.com/h-sc/ui?s=%24XAU