Let’s start with GDXJ, which is rebounding today after testing support at $32.
GDXJ is arguably the most oversold or the second most oversold in the last six years. When the market is this oversold, it typically enjoys, at worst, a decent rebound.Meanwhile, the HUI Gold Bugs Index looks similar. It traded as low as 216 Friday, which is less than 5% from strong support. The macro is also lining up in Gold's favor as the 2-year yield plunged to as low as 2.72% this morning, inflation expectations have rolled over, and the Atlanta Fed model shows we are in a recession. The market is now aggressively pricing in rate cuts in 2023.
Pump soon after July 4th
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