There were many market participants looking for a rate rise shorting the Gold & Miners as a surrogate trade.
I thought it was a good idea to buy the miners for a contrary-trend pop last Thursday mainly off the oversold readings.
It’s today’s pain trade.
I checked out of this last week.
Rangold was my low risk trading idea last week.
This turned into much more than I’d expected.
It’s now at short-term trend resistance
.
So is AUY & NEM.
I’ll need to see the whole sector digest for a day or two.
The next catalyst for this sector is the ECB meeting Thursday A.M.
NUGT…
Gold…This long term Point & Figure has me wary of sustained upside.
GDXJ…it will take a couple of closes over 50 to continue.