Loading ...Miners have been consolidating since peaking in early March
A breakout from consolidation should result in a trending move.
The Miners are in a daily uptrend. A bullish break out of consolidation could trigger a melt-up phase. However, we need to be aware that the Miners are stretched above the 10 day MA along with bearish divergences developing on the oscillators. This is beginning to look similar to the top that formed in May, 2021 and 38.50 should still be used as a stop.
From “Cycle Trading”
It may play out that way but one important difference from May 2021 is that while the miners have been bullish(leading) the metals are not currently overbought, so if they breakout to the upside, it will be interesting to see if the miners go even higher from here or were they just telegraphing that the metals would join in?
Could be, Chartsmaster. Time will tell. Or perhaps gold waits for the miners to work off this overbought condition. Interesting times in the precious…