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Gold Forecast: The Final Washout Has Begun, the Next Few Days are Crucial
Gold broke key support and miners are collapsing - the final washout is in full swing. If I were to rate the current panic on a scale from 1 to 10, I’d give it a 6. Could it get worse? The next few days are crucial. The Good News: The gold miners have been bottoming in late September for the last few years. Prices tend to peak in April or May and bottom just before October. If the cycle holds, GDX could reach a low in the next few trading days. To confirm a bottom, prices would need to close above the most recent gap. The Bad News: If GDX doesn’t bottom in the next few trading days, then the current washout could ... (full story)