In 2008-2009 the financial crisis interrupted a lengthy ongoing rally in gold and mining stocks which resumed and ultimately made a higher high before rolling over. Today the miners are still coming out of the prolonged bear market from that time and the events of the last three weeks have cleansed this sector and most all assets for the excesses of the last 11 years. I believe we will see a bottom for miners very close to these levels (maybe another 5-7%) but some where around here and that the next time this index gets to the yellow line resistance it will confirm the bull market in miners. Again, patience is a must. Sell the high flyers and buy the miners. That will be my mantra going forward.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.