Gold & Silver Headed For Bigger Correction?

GDXJ should have strong support at its previous 8-year resistance and its simple 400-day moving average, which is only slightly lower.  

(Click on image to enlarge)

GDX (top) & GDXJ (bottom)

Given last week’s huge reversal, the path of least resistance over the near term figures to be lower. 

However, it’s important to note that metals and miners have corrected for most of the past five months. There may be some selling pressure left but not a significant amount. 

Thus, another leg lower could be the final leg of a larger correction that began last August 2020.

In any case, exercise a bit of patience and keep an eye on these support levels as they could mark very good entry points in many stocks.

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