Loading ...Miners Nearing Significant Move ?
So little volatility in the HUI lately. It’s getting compressed into the end of a wedge whilst building out a possible right shoulder of an inverse head and shoulders pattern. I added a few horizontal support lines to this chart. Lots of bullish triangles/wedges, along with two head and shoulders tops and our current (possible), inverse h&s.
The action this week in the GDX and GDXJ has been superb in the face of a soaring USD and tanking gold and silver. Gold has been hit for $45 and GDX is down just 2%. In late January, the gold price was trading at $1365 and while it corrected $55 in 2 weeks, the GDX went down over 16% in that time span then created the final low on Feb 9th. The final spike low was made just a half hour before the session ended, then reversed over 2% on huge volume to un-changed on the day. This is a recurring attribute of previous historical major lows in the sector.
It does bode well for the coming days/weeks.
I was surprised to see our Spock Rocks up today.