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Chart 1: GDX & GDXJ Weekly
The weekly candle charts are shown below with the 42-week moving average (equivalent to 200-dma).
Now is as good of a time as any for the miners to begin a bull move. A strong move above GDX $23 and GDXJ $34 would be quite encouraging.
TheDailyGold Premium #569
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Saturday evening we published TDG #569, a 31-page update that included a company report on one of our favorites (p4-p9), subscriber Q&A (p10-p12) and also non-technical notes on most of our holdings. I feel that this is one of my best updates this year.
The sector appears to be approaching an important inflection point as support and resistance are squeezing in, leaving little wiggle room.
Sentiment is favorable and Gold has held up very well during the US$ rally. Gold has bounced twice from its 200-dma.
But the one thing that concerns me is the re-emergence of the stock market outperforming Gold. The Gold/stocks ratio has lost the 200-dma again.
In short, we should see at least a little rally here. Gold should test $1335-$1340. If it turns into something bigger, it could be the start of what we've been waiting for.
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Disclaimer: This newsletter is intended for informational and educational purposes only and should not be considered personalized and individualized investment advice. Investment in the precious metals sector contains significant risks. You should consult with an investment advisor and do your own due diligence before making any investment decisions. This email may contain certain forward looking statements which are subject to risks, uncertainties and a multitude of factors that
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