Gold miners continue to correct per projections as GDX drops toward a buy zone
The gold and silver Commitments of Traders, as tracked each week in NFTRH leading into the correction, indicated a potential for a coming decline in gold, silver and the gold miners. A correction, not the end of the bull phase by this sentiment measure. CoT was overdone, but not extreme to a bull killer degree.
This as the macro fundamentals had been positive since late 2022 and gold miners’ technical situation bullish, but in doubt as to the ability to continue upward in the near-term.(more…)