The macro fundamental situation is key for a bullish view on the gold mining sector
Just last week I put up a post talking about the healthy correction in the gold mining sector, as anticipated. We used straight technical analysis to plot support areas. There is also fundamental reason to believe that the greater rally in the miners is not yet over. But those fundamentals are backward looking (to Q4, 2022). You should understand that going forward because the macro can churn and turn abruptly through its cycles.
This morning we did a detailed NFTRH+ update breaking down the situation and here I’ll just pop in the updated chart of GDX along with a warning to keep your thinking caps on straight in the future and for crying out loud, don’t listen to Larry and the other Twitter influencing stooges if things start to get off the hook. They’ll attempt keep you hooked with dogma and tin hat stuff about rigged markets. But reality is reality, folks. As yet, we are only in a warning phase. But stay alert going forward.
Here’s GDX daily trying to hold the first support level. Gold mining sector fundamentals will be one thing and gold mining technicals another. Consider them both as you move forward.
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