GDX dumped the 15 min. support area around 32.25 but is making a hint to whipsaw back above it. Classic shakeout?
In doing this it is making a would-be hammer candle that is testing the top of the long-term support area that the bounce began at.
Here is a longer view showing that support. The bounce is intact as of now.
Twitter displayed some serious gold bug agonizing about the “attack” on gold and the miners. Some even swearing off gold stocks for good (yeah, right).
The bounce ain’t over ’til its over. That said, if the markets go a certain way we have downside targets equating to HUI 230, 212, 185 and if disaster visits the macro, anything above the 2020 crash lows. That would be an epic buy opportunity if the inflated macro were to be falling apart at such time.
