In yesterday’s Gold Trading Alert, I wrote about the likely reason behind the rally in silver and miners is pre-mature.
Also, some may say that the martial law being enforced in South Korea is the reason behind today’s strength, but that’s something that would be likely to trigger a rally in gold as gold serves as the safe-haven asset. So, the odds are that it’s actually news coming from China that’s primarily moving the mining stocks today.
Consequently, I don’t think it would be correct to attribute today’s gains to the continuation of the “contagion effect” – if this was the case, miners would be strong today as well. If it’s not that, then it’s likely the regular silver-outperforms-close-to-the-top effect.Also, you might be wondering – is the USD Index forming a head-and-shoulders top here?already corrected as much as it did previously after similarly big rallies and previous resistance was verified as support.
Sure, it’s difficult to believe that this is the case, as the most recent memory that we have right now is a big rally… But it was exactly the same case in 2012 and 2013 before the slide. Pretty much everyone was expecting gold and mining stocks to continue to rally as the “correction” seemed to be over. Well, that correction lasted many years.Scan QR code to install app
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