Sentiment Hated Enough?
The gold group seems to be so forbidden these days, it reminds me of the feeling investors had toward energy, after the XLE shed 42.4% last year top to bottom, during a nasty meltdown between weeks ending 6/12-10/30/20. No one wanted to touch the space, and is gold despised in that same manner and ready for a possible rebound? No one knows for sure, and crypto seems to be what many blame the shiny metals demise upon. Most of the gold mining charts are in strong downtrends, but one sticks out if market participants wanted to engage in the arena. The chart below of RGLD, best in breed in a poor sector, shows a bit of promise. It is the only one among peers to have made a recent higher high, with FNV NEM and GOLD unable to do so (GOLD looks decent if it can hold the very round 20 number). That is the conundrum, though as you want to see broad participation among a sub sector. Will it be too much to ask RGLD to do all the heavy lifting, or will peers step up to the plate?