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I've been somewhat bearish on Gold over the last few weeks but I'm looking at this setup here on GDX and thinking it might have more legs for some more upside. I'm also thinking weaker DXY going into the future. On DeMark, we have a TD Buy Setup off the TD Propulsion level. I think we might need some confirmation on GDX if it can close above the TD Ref Close price at 34.44 to created a TD Price Flip Up.
What are you all thinking on miners from here?
To start with, I own both. I am bullish on both. Over the last year, much of the fiat skeptics’ money has gone towards cyrpto. Why? As Weston point out, cypto is perhaps the last free market. We can see it in its wild gyrations. On the other hand, gold is not. The bullion banks have allegedly been manipulating the price of gold through the use of “paper” gold. But with the recent Basel 3 implementation, see https://www.zerohedge.com/commodities/basel-iii-regulations-finally-kick-what-means-gold, they may have much less ability to do so. Gold is down today. But the real question is, next time we have a wave of anti-fiat feelings, how will gold do then?