Miners are approaching key resistance levels, and they are entering another timing window where a top could form. A top isn’t guaranteed, so I won’t attempt shorting here. If prices begin to rollover, I’ll revise and update our correction targets.
-GDX- Prices are approaching triple resistance at the 50% retracement, 200-day MA, and the November highs. I will be watching for a top and potential reversal in this area. Nothing I plan on shorting, however.
-GDXJ- Junior miners are rapidly approaching the 61.8% retracement level which also coincides with the November high. We could see a reaction/reversal in this area.
-XAU- During the 4-month correction rallies lasted approximately 16-trading days before pushing lower. We are approaching double that average timeframe during this upswing. Tomorrow marks the 32-day off the lows, is it possible prices top around then?
I will update again if there are clear signs of a reversal.