I added to some miners on the long side. I bought GOLD yesterday at the close.
The premise for me buying GOLD is simple, MACD has crossed over. Normally I apply this simple signal to miners like GG and GDX, it has been a very reliable buy and sell signal for the past nine months.
I am posting the daily chart of GG. Notice the MACD pane and all the X's. They illustrate the price action after a MACD cross over. I am iffy whether will see new highs like past instances, but the pattern has a high probability of a nice pop to the upside. I do expect price to test the 50&90 day at the minimun for all the miners.
Also all the 60 minute charts of the miners have nice setups, which further validate's my thesis.
Full disclosure I am long AU,GDX,GOLD,IAG,GG.
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