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Gold stocks are still correcting after soaring to seriously-overbought levels when their last upleg peaked in early August. Weak seasonals in the next month could accelerate that.
The deceiving high consolidation after that euphoric topping failed decisively this week when GDX shattered its 50dma, proving this sector’s correction is alive and well.
Only about 15% so far, it is likely to extend to 25% to 30% before overbought technicals are worked off and sentiment rebalanced. Seasonality is likely to exacerbate remaining selling.