Miners Finally Ready to Rally?

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I came into the day short GLD in a big way, and I covered promptly at the open. I have re-shorted a smaller position, although given gold’s strength, I’m not sure if it’ll get stopped out or not. In any event, the strength of gold miners is especially impressive. I wouldn’t be surprised to see a move take place similar to the one I’ve outlined below (with the final plunge taking place based on my ultimate gold target of $1,100/ounce.