Consolidation Continues for Precious Metal Mining Stocks
Gold miners have shown relative weakness to the metals since topping in 2020, and that looks likely to continue in the near term. However, when this consolidation completes, the mining stocks should once again shine and starts catching up, potentially in the next couple of months.
For this reason, the time has come to keep this group on your watch list as a bottom below the October 2023 level of 25.65 on GDX could prove to be a durable bottom that will serve as a base to move GDX back over the ~ 36 high, and could even see prices breaking over the 45.76 high from 2020. These would likely represent ~ 46% and 86% upside moves respectively, so well worth a long trade.
A bit more patience is needed until this group will be ready, but could coincide with a pullback in the market in the coming months.
The downside levels of interest are ~ 24.1-24.6, and 22.8 to look for evidence of a bottom formation.
For this reason, the time has come to keep this group on your watch list as a bottom below the October 2023 level of 25.65 on GDX could prove to be a durable bottom that will serve as a base to move GDX back over the ~ 36 high, and could even see prices breaking over the 45.76 high from 2020. These would likely represent ~ 46% and 86% upside moves respectively, so well worth a long trade.
A bit more patience is needed until this group will be ready, but could coincide with a pullback in the market in the coming months.
The downside levels of interest are ~ 24.1-24.6, and 22.8 to look for evidence of a bottom formation.
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