Last week GDX and GDXJ were down almost 12% at their lows on Thursday. Since then,
they’ve recovered but only a tiny fraction of recent losses.
The crash did result in the miners reaching an extreme oversold condition while trading around long-term support at their December 2016 lows. It was the perfect setup for shorts to cover. That combination often results in at least a relief rally.
While a rally is underway, where it goes from here remains to be seen.
One thing to keep in mind, the recent decline was the result of a technical breakdown that followed months and months of consolidation. It’s extremely unlikely to immediately reverse course.
With that said, let’s keep in mind the measured downside targets.
For GDX, the downside target is $16.50-$17.00. For GDXJ, it’s $23-$24 and for Silver it is $12.70-$13.10.
https://www.gold-eagle.com/article/gold-stocks-crash-now-what
Комментариев нет:
Отправить комментарий