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Chart of The Day: Precious Metals Support Breaks

Glancing at the GSCI Precious Metals Index (weekly), 2.5-year diagonal support was violated to the downside last month. Right now is the time to be searching for a bottom; however, there is no definite confirmation. We are not bullish on the shiny metals until the Federal Reserve communicates an end to QT or a long timeframe technical bottom is confirmed (both have not occurred).