After yesterday’s potent rally, gold miners are checking back to the primary breakout level of the inverse head and shoulders bottom dating back to early-December 2013. T
To my eye, the big test is going to be whether $22.20 now holds (the “neckline” of the pattern), in a similar vein to the way in which $19.80 held on the natural gas ETF this week. Below there, and the integrity of the setup becomes suspect.
For now, it is simply a shakeout.
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