Gold miners seem to be giving up the rally. In the past when SLowSToch and got oversold it was the sign of the daily cycle low.
I think this will be the same. As today we broke out of the I have to say we are very close. is supporting us : we will have a bounce tomorrow or Thursday.
In the last half year during the initial phase of the miner bull rally we broke out only once of the Bands: at the last ICL (25.05.2016.)
50 was supporting the rally all the way up. Today we are at the 50 .
We are talking about gold as a weak vehicle now. But if we are watching how gold was moving together with GDX in the last half year we have to say now that gold is not following the miners in this dip.
It's not weakness, it shows strength.
If miners are bouncing tomorrow or Thursday we will get our gold pop also.
I'm buying GDX , GDXJ up to 20% margin impact.
Miners will open with a GAP.
If we fill the gap immediately after the open someone just pushed down gold's price to get a better entry price for the miners today.
This will not last for too long. We are bouncing soon.
Margin impact is moving up from 20% to 30%.
Price is 28.14 GDX
They are selling everything except NatGas and the Dollar...
Remember to focus on the big picture: Gold has a date with $1500 this fall!