Despite a $15 move up in gold, a 600 point down day, global weakness in stocks, sinking treasury yields, inversion of 3's v 10's, coronavirus, bad PMI, and truly a whole host of other bad news, GDX is struggling to take out resistance. I have been dumbfounded lately trying to figure this out. Perhaps on Monday when Chinese markets get killed and US futures are down big, maybe then we will see a spike. GDX needs to take out 31 to convince me that it has legs. NEM closed very weak today. Just not sure what to make of this but I am watching it very closely as I have recently established a long position in DUST which is something completely new to me that I am not necessarily comfortable with. Not fighting the trend just feel like there is something out there that will tame old and silver for a little while before their next significant moves up.
Comment:
That should say GDX needs to take out 32 not 31.