by Dan Norcini
Trader Dan Norcini
It
did not take long for the longs in the gold mining sector to start a
wave of profit taking. That came in when the mining indices could not
extend their early-in-the-session gains. As a matter of fact, the
opening print on many issues was the high for the day, or very near the
high of the day. From that point forward, the shares drifted lower most
of the session until they began to accelerate lower during the last hour
of trading.
The result is a SHORT-TERM sell signal on the price chart although no major damage has been done to the uptrend at this point.
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