Gold, silver, and mining stocks surged after the Bank of England announced QE. Does this have any impact on the precious metals market outlook though?
The precious metals sector rallied, but it didn’t change the short-term downtrend. It seems that the markets got scared of the consequences of QE in the U.K., as there was significant safe-haven buying. However, it’s unlikely that this will affect even the short-term trend.
In short, I don’t think that the GDXJ will rally above $30 before plunging, and it could be the case that the top is already in.
For more technical details, I recorded a video (yes, I’m back on the video front after a long break!) and I hope you like it.