Gold mining stock charts have not yet confirmed a sustainable rally, and Q3 fundamentals may be a headwind
Also normal would be a further drop to fill the lower gap and test the 26.60 area to either confirm that the October 2nd breakdown was a false one or a scout for perhaps one final drop to make a bottom. Technically, it was a violation of the March low, which implies bearish, but that is exactly why it could have been a bear trap. False breakdowns are a ‘thing' in TA.
There are a couple concerning signals in play that will remain proprietary to NFTRH for review this weekend. But here is one that conventional gold mining analysts should be considering. We first noted this in NFTRH a few weeks ago. The Gold/Oil ratio was negative for the entirety of the Q3 period that is about to be reported this earnings season. Crude Oil/Energy is a large factor in mining costs and the miners' product under-performed in Q3.