The entire complex is moving into its Yearly Cycle Low after breaking below the early October TC Low. I have Gold on day 25 and in the Timing Band to find a short term TC Low and very likely its YCL as well.
On a positive note, Investor sentiment is very Bearish here, which is what you want to see at major lows as short covering rallies usually “kick start” the bounce out of an ICL and/or YCL. I am also noticing divergences on the MACD and RSI for Gold, Silver and the miners.
That does not mean, however that Price can’t move lower for a few more days to a week. The Head & Shoulder pattern on GDX and many miners is a concern here and the longer price remains below the neckline and the 200ma, the more bearish the pattern becomes.
Finding a YCL sometime this coming week or perhaps early in the following will be important for the Complex, IMO