Monday, October 28, 2013
Two miners' charts have me thinking something's at work
Buenaventura is really convincing me that its downtrend is over. The August-September pennant has been reversed, and now it looks like it's set to fight through the $14-$15 resistance. Notably it's above its SMA(50) too. And check out the two weeks of strong RSI.
Sandstorm Gold is also looking good here, after grinding out a nasty bottom that made you think something was wrong with the company.
I'm left wondering if these charts look the way they do because someone big has just now given up on shorting miners?
Or has the short side simply left the scene while Dhanteras is in full swing, since they know how dumb it is to short-sell gold that then gets melted down and sold as bangles to Indian peasant women who will never, ever let that gold go back into the commodity market?