Odds are, most will capitulate in the next 4 weeks if $SILVER decides to do the standard final flush before the big summer rally. It's happened before, it can happen again.
I like to drink bourbon and make crazy charts. I find it interesting that the year 1996 – 2004 rounded bottom is about the same length in total days as the 2011 – 2020 rounded bottom. From that bottom in 1999 we had a 662% increase that took 6 years once the breakout started $GLD
The correction in 2004 right after the breakout dropped gold a little less than 10%. The high was retested, and then it made another low to make a 13% correction.
When gold broke the 2011 high, we had about a 10% correction again.
$GLD $SLV
Gold seasonality ends on SEP 2 on avg for the last 10 years. This “little” correction we have had is actually right on schedule. It is big yes, but that is a testament to the overbought level it reached. $GLD had a daily RSI reading of 90.5, a value only surpassed in 1999 of 92.1