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Gold Correction Nearly Over

Tuesday, October 4, 2016 20:22
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Source: What Is That Whistling Sound


Gold miners suffered major capitulatory selling today with no apparent trigger causing the sell off. Interestingly, Chinese buyers are on holiday this week so liquidity is thinner than average.

The large volume suggests that selling is near exhaustion.

We surmise that a reversal is in order within the next day or two.  

Some additional downside over time is possible down to the 200 day MA or even the 50% fib retracement.

Our view remains that the stronger gold stocks after this sell off should be placed on a watch list for purchase in the coming weeks.

We annotated a downtrend channel to watch should the stocks begin a reversal tomorrow or Thursday.


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