After Gold’s Slide, What Happens to Miners? | Metals Mine

  • After Gold’s Slide, What Happens to Miners?

    From sunshineprofits.com

    After gold came down hard last week, what will the yellow metal’s next chapter bring for the miners? How high can they go if gold rallies from here? As gold recently moved very close to my approximate target of $1,700, the senior miners (GDX) ended Friday’s (Feb. 26) session $0.13 above my initial downside target of $31. And while an eventual flush to the $23 to $24 range (or lower) remains on the table, a corrective upswing could be next in line. To explain, if gold can bounce off of the $1,670 to $1,700 range, the GDX ETF will likely follow suit. Thus, while the miners are likely to move drastically lower over ... (full story)

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Trader#4FA1
Mar 1, 2021 2:28pm
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But Gold is not about to rally anywhere. What seems clear at this point is that the slide in Gold will persist as the downfalling intensifies. You do not mention why you think Gold might "bounce" off of circa 1,670 but Gold appears quite happy pressing even as low as the 1500 handle. The sense of this intensification comes from a) the fractal scaling of the fall (D1, WK1 and MN) all measurably indicate a level of redness (measured by the Fisher Transform) not seen recently. b) on top of which the plot of the fractured Gold and Yields price lines show a fractal tangle starting last month. Any time this tangle appears, both assets intensify their runs in opposite direction - to reach super extremes then revert to persist in the reversed direction. Not sure 1670 would be super extreme for Gold at this point. But of course at any point Gold could declare an uprising - which given the selling pressure might now not exceed 1772 by much (i.e. a mean-reversion move to circa 1774 the new month average price line). Of course without more information on why 1670 should stop Gold - very little can be said about the merit of your supposition.

The Crow (-_-)
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