Goldtent TA Paradise

Small Reversal pattern on the $HUI 2 hour chart

1. Plunger says:

   March 9, 2021 - 9:34 pm at 9:34 pm

   I have written on this question substantially over on the Rambus forum. My view is I think it’s going to go a lot further than most are thinking right now. I am working on the view that this is the beginning of a tradable bear market rally. Lasting from Apr-May. To me it has the earmarks of the first real significant rally within the confines of the downtrend which began last August. I now classify that move as a cyclical bear market. We are in the 8th month of that decline. Cyclical bears typically last 10 months to 2 years. I see this as the shorter variety. My view is that after the rally is complete it probes to lower lows.

   There is that pesky gap on the GDX down there at 26.

   Myself I went full in long the gold senior miners as of yesterday. I posted these views before the rally sparked today. It’s just the first day and we will have to see if it sticks, we will just have to see how far it wants to go. I suspect it will be a decent rally,

   • silver fox says:

     March 9, 2021 - 9:50 pm at 9:50 pm

     Thanks for your comments, Sir Plunger. I suspect you are right. The miners are due for a good counter trend rally, now that so many of us are in the bearish mode.