Gold Faces Resistance, Miners Weaken

Sadly, my prediction that 2020 would represent resistance for gold held quite true. We made a nice run at it yesterday, but then – – boing!!

Gold Chart

Gold Chart

In turn, the miners, like VanEck Vectors Gold Miners ETF (NYSE:GDX), have been weakening. I have no position in any miners, but this is a prospectively bearish diamond pattern.

GDX Chart

GDX Chart

I’m holding steady at 61 short positions. The market continues to be a directionless bore.

Gold Faces Resistance, Miners Weaken

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