Miners have been on a tear in the past couple of months, now they are overreacting as gold makes the path down.
I am already exposed to gold short from 1230-e40; then added at 1255, as per previous ideas.
Now I am looking at the miners to hedge for the weekend. If gold breaks down under 1220, it will get ugly and the market seems to be accounting for said drop given the reaction miners had.
If that does happen, it will retest the outer bounds of the channel it broke out, retrace to previous low, then will regress back to catch up with gold(so up).
Even if you wanted to short, wait for the break and the retest of the broken fib to add.
Best,
The Piranha
I am already exposed to gold short from 1230-e40; then added at 1255, as per previous ideas.
Now I am looking at the miners to hedge for the weekend. If gold breaks down under 1220, it will get ugly and the market seems to be accounting for said drop given the reaction miners had.
If that does happen, it will retest the outer bounds of the channel it broke out, retrace to previous low, then will regress back to catch up with gold(so up).
Even if you wanted to short, wait for the break and the retest of the broken fib to add.
Best,
The Piranha