Those of you who watch my little Tastytrade show might remember that yesterday I turned sour on precious metals miners. I bought a position in DUST and also shorted a couple of specific miners (AG, NEM)
Philosophically, I’m a big fan of precious metals thriving in the years ahead as a declaration of the ultimate failure of central bankers. From a charting perspective, though, miners have been oh-my-Lord-overbought for weeks now, and it seemed it was time for a breather. (What really sold me was the collapsing volume in DUST, suggesting people had just stopped bothering anymore). In any event, it looks like this sector is in for some backing-and-filling. Gold’s first important test of support is coming up, tinted in green:
