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Chart 1: HUI Daily Line Chart
The HUI has broken down from its descending triangle pattern. It closed at 165, a new 18-month low. A close below 162 marks a +2 year low.
The pattern projects down to 146-149. There is no strong support until 140.
Chart 2: Novo Resources Daily Bar Chart
Novo appears to have made a bottom at C$3.75 which has been strong support over the past year. Now the stock is forming a bullish flag consolidation. A strong move above C$4.35 could push Novo up to ~C$4.90.
Good news on the bulk sample assays could take the stock back up to $6.00. I expect we will get some news in the next few weeks.
TheDailyGold Premium #580
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The 24-page update was published and emailed to subscribers late Saturday night.
In the update we discuss the outlook, given that the summer rally we foresaw has yet to really materialize. Gold, which closed at $1223, could test $1200 before rebounding and sustaining it. Meanwhile, GDX closed at $21.33, and has to hold $21.00 or a major breakdown could begin. And by the way, that breakdown has already begun in the HUI.
Can Gold rebound and prevent a GDX breakdown? Or is GDX going to follow the HUI immediately? Can a big relief rally begin very soon? Or is that more likely at another point?
We have been carrying over 40% cash for months and a small short position. Is now the time to increase that short or should we wait for a counter-trend rally first?
Meanwhile, we've been holding a handful of stocks that are only trading based on their own news and potential to add value or not.
Consider a subscription as we can help you navigate what lies ahead for the sector and help you position in the stocks that can make big gains when the Federal Reserve is done hiking rates. Subscribe and give us your list of stocks and we will give our opinion, buy, sell or hold.
"I am simply a pure market-timer for a broad basket of gold stocks and precious metals. Jordan, on the other hand, has provided superior STOCK-PICKING abilities over the longer-term. I am familiar with most gold stock subscription services over the past 30 years. I rarely provide endorsements of any kind, but Jordan's ability to analyze individual gold/silver stocks has been among the top 5 services over the past decade. First and foremost, I
respect his integrity. - Dr. Jeffrey Kern, SkiGoldStocks.com
I follow your work and it's very impressive -- am considering subscribing even though I focus on futures and macro more than individual equities. You are a refreshing voice in a space full of doom-and-gloomers, perma-bulls, and precious metals salesmen.
My 6 month renewal is due once again. Your work continues to be outstanding and I want to make sure there are no disruptions in the service.
You nearly always read the trends and support and resistance extremely well. Please keep us posted if or when the outlook seems to change. which you always do of course. TDG is the most valuable resource for understanding what is possible to understand about the PMs.
Subscribe to our service for only $149 and find out which juniors are great values and have massive potential over the next 12-18 months. (And we answer subscriber questions).
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Thanks for reading. I wish you all great health and prosperity in the second half of 2018 and beyond!
-Jordan
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
can cause results and outcomes to differ materially from those discussed herein. Novo Resources has contracted TheDailyGold.com for marketing purposes.
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