Gold stocks have rarely been this oversold. ~92% of stocks in the gold miners ETF, GDX, are now trading below their 50-day moving average, the highest proportion since late July. This figure has risen +80 percentage points in just 21 sessions. Furthermore, 90% of stocks in GDX are trading below their 200-day moving average, the highest proportion in 3 months. Similar setups occurred in March 2024 and December 2024. In the following month, GDX rallied +21.5% and +15.4%, respectively. History suggests the selloff in gold miners is nearing exhaustion.