If the double bottom in miners holds, the sector should move up very fast.
And if the double bottom does not hold, who cares. Everything here is stupid cheap. Gold and silver are far below mining costs. The dumb trader money has been group think selling aggressively for months. These things don't work very long. Same thing as anywhere else. You will get an easy double out of miners from here once they turn. Gold will plod back to 1600. Silver will see 26 to 27 easily.
Clearly, the double bottom held. Now miners are in a position of having kitchen sinked last Q with write offs and running on higher ore grades. This is vs the endless QE and no debt limit that only the very braindead doubted would happen. There is no fundamental or technical case to fight miners anymore. The easy money will be made all the way back up.
"IF" is the million-dollar word, and "IF" gold doesn't downtrend toward Goldman's $1,050 view! But point made, as most miners are showing "double-bottom formations". I'm sure hoping, but at the same time, seeing how bearish gold is acting in an environment it should be soaring, I'm not exactly hopeful!