Peaked at #3 Now #3
Gold Miners Deeply Oversold
Kobeissi says ~92% of GDX gold miners are below their 50-day average, the most since late July, with similar setups followed by 15-21% rallies.
Key points
- ~92% of stocks in the gold miners ETF, $GDX, are now trading below their 50-day moving average, the highest proportion since late July.
- This figure has risen +80 percentage points in just 21 sessions.
- 90% of stocks in $GDX are trading below their 200-day moving average, the highest proportion in 3 months.
- Similar setups occurred in March 2024 and December 2024; in the following month, $GDX rallied +21.5% and +15.4%, respectively.
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Original post
Gold stocks have rarely been this oversold.
~92% of stocks in the gold miners ETF, $GDX, are now trading below their 50-day moving average, the highest proportion since late July.
This figure has risen +80 percentage points in just 21 sessions.
Furthermore, 90% of stocks in $GDX are trading below their 200-day moving average, the highest proportion in 3 months.
Similar setups occurred in March 2024 and December 2024.
In the following month, $GDX rallied +21.5% and +15.4%, respectively.
History suggests the selloff in gold miners is nearing exhaustion.
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