Although I’m a big fan of precious metals (particularly palladium these days), and there are a couple of individual metals miners that I think are terrific long positions…………
…….I shorted GDX yesterday, The main reason is this $XAU chart, which is long-term and clearly shows that the gold sector is very expensive relative to its long-term trend.
Zooming in on the GDX specifically, I’ve got a tight stop-loss order at 53.10
Just a quick shout-out to palladium, which I am long by way of PALL, I continue to like the looks of this chart: a strong base, surging volume, and a clear stop-loss at the price gap.
