Bullish Signs For Precious Metals Miners, But Crypto Correlation Looms
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Both the precious metals mining ETFs, GDX and GDXJ, respectively shown below, have formed good-looking inverted head & shoulders patterns, which are bullish. if they can maintain support above Tuesday’s lows, they should be good-to-go for a launch higher.
The only “gotcha”, ironically, could be crypto. I’ve used a layered chart to illustrate the remarkable correlation between BTC and gold. They are pretty much in lockstep these days. Thus, if BTC starts to weaken away from its tremendous pop lately, it could bleed right out into the land of actual precious metals and, of course, the miners thereof.
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