DUST 60 Min.

DUST had a look of bearishness to it, which would have gone hand in hand with a bounce in the gold stocks that I have been more expecting than not.  But this chart no longer has a bearish pattern.  It has a sloppy pattern (that could be interpreted as an Ascending Triangle).

The gold stock bounce scenario is in some trouble.  Risk managers should not care, as the sector’s fundamentals have not been fully in line and so there is no real contrarian opportunity until they are.  There is/was only bounce potential, and even that is not looking as good as it was a few days ago.