From my Fidelity screen here is a picture of GTBAF (GBR.V) doing what needs to be done to undo the technical damage. Just two weeks ago I was considering taking more profits on GTBAF because I am a chart guy who saw an intermediate down-trending stock locked below its moving averages.
Today? Ah, no.
Considering the over-bearish sentiment backdrop (and the recently caved in GDM Bullish Percent index) complete with gold bug TAs advising the bad technical news, it would be more than plausible that more miners can skip a capitulation and undo the technical damage, as GTBAF is trying to do here.
Here’s my other long-term hold, MAIFF (MAI.V) making a less definitive attempt. If we start seeing items like MAI and others following GBR (and others that never actually went bearish) we’d likely be on a trade-able sector rally at least. For my part I am just holding and evaluating at the moment.