I previously wrote that practically nothing happened on the gold market , which is bearish since gold should be rallying or trading at higher levels, given the pre-election uncertainty. However, gold didn’t wait for the elections to begin with its decline – it plunged yesterday, taking silver and mining stocks along with it.
To be more precise, it was the mining stocks sector that brought down the rest. Miners moved and closed the day below their previous September and October lows, and therefore anyone who joined us recently is now gaining profits.
But, is every factor truly bearish for the miners? It is not the case!
Miners have been undermining gold, which is bearish, and they have also broken below the recent lows, which is also bearish. Moreover, miners have just declined on strong volume after opening the day with a price gap, which at first sight, is bearish.The theory is that […]
October 30, 2020 Published by StockMan