This is just a quick heads-up that I will quite likely close the current short position today and/or even open a long one, but I’m not doing so at this stage – yet.
It seems to me that gold and miners are going to move even lower today, but they are low enough for the RSI to be in the “buy zone”. So, whatever prices we get, I might end up closing the position, anyway.
The Core PCE Price Index (important indication of inflation) was higher (4.7% YoY) than expected (4.3% YoY) and higher than it was previously (the report from late January) – 4.6% YoY.
The S&P 500 plunged as well, pushing the junior miners much lower today – in perfect line with what I wrote recently.
Also, please note that at the moment of writing these words, the GDXJ is trading below the entry point from last year.
As always, we’ll keep you - our subscribers - informed.
Thank you.
Sincerely,
Przemyslaw K. Radomski, CFA
Founder, Editor-in-chief