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Its been a rough two years for Gold and the Gold/Silver Miners index (XAU), to say the least. Two years ago $GLD not only became the largest “sector” ETF in the world, it also became the largest ETF period! Since the crowded trade developed Gold lost 38% of its 10-year rally in less than 24 months.
Two years ago many investors found it hard to harvest (sell) long metals positions at resistance. (Harvested Gold at $1,900) Wonder if many investors would now find it hard to be a buyer on these 10-year support lines???
Support is support until broken! Metals members that are long-term physical holders of Gold have a specific plan in place should support not hold!