I don't suppose those nasty 'shorters' had anything to do with this slam down ???? (only kidding)
When I said 34c should be firm support, I really meant 30c .... and 40c resistance looks aspirational.
RED will range trade now until kicked out of this orbit by "events" - the POG (and related market sentiment) remains the primary influence, but as we can see from recent SP price & volume, market mechanics matter her enormously.
RED is now a "HOLD" (by lots of big institutional traders) and will trade in unison with the sector.
Lets hope it doesn't "disappoint" any of these 'good friends / bad enemies' - the half year report better be a cracker.
Overnight the POG got slammed as soon as the NYFed released information as below - looks like the economy ain't so strong, despite those supposedly strong employment statistics and despite all that, the DOW hit an all time high yesterday BUT the GDX & GDXJ remain in a long term downtrend, and there certainly is no "bull market in gold miners" ..... there should be some cognitive dissonance about all this volatility and the steam of market doom commentary predicting "the worst bear market in my time" etc etc.
"Gold prices dipped after the latest data from the New York Federal Reserve showed an unexpected and sharp decline within its region's manufacturing sector last month.
The regional central bank said Friday that its Empire State manufacturing survey's general business conditions index fell to -14.5 in December, far below November’s positive reading of 9.1.
The data was much worse than expected, as consensus forecasts were looking for the headline index to pull back while remaining in growth territory at 2. December is now the third month the index has been negative since May, after October’s reading of -4.6 and August’s -19 print.
Spot gold was trading around the $2,040 level just before 8:30 am EDT release, but fell to session lows near $2,027 immediately afterward. Spot gold last traded at $2,032.57, down 0.19% on the day "
