Coach Mark here. 2024 has been a decent year for several asset classes so far but gold miners have not been one of them. Gold itself has done relatively nothing in 2024 (not too shabby of a performance) given the bullish market combined with the rising dollar) but gold miners have had, to be blunt, a terrible start to 2024.

When you get divergences in price action of the commodity and the underlying commodity related asset then my brother Matt and I like to joke that “someone is lying.” This joke refers to the fact that you cannot see these large divergences indefinitely. Someone’s short-term price action is lying and either the commodity will come down or the underlying commodity asset will come up (or at least stabilize).

Gold miners have come down to a support level that is a big support zone test. It is hard to see gold miners break this support level unless we get negative price action on gold. It is time to gold miners to take a stand for us to act in the coming weeks if they win that battle.

Have a fantastic Tuesday!

Chart of the Day: Gold Miners (GDX)

Few traders at Tackle Trading will buy the support test but many Tackle Trading traders will start to get involved if the ticker symbol successfully demonstrates that the support level is holding and upward price movement is probable. That is where we are with gold miners on this Tuesday. A little bit of a waiting game for potential new adds.

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