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Chart 1: GDX Advance/Decline Line is Very Weak
Below we plot GDX the GDX A/D line and GDX/Gold ratio.
The A/D line has been calling BS on this rally for days. The arrows show the negative divergence. The A/D line on Thursday closed a tick below its September low. That implies GDX could test $17, its September low.
Chart 2: Gold vs. Currencies & Equities
In this chart we plot Gold against the foreign currencies basket and Gold against global equities (ex US).
Uranium had a false breakout, Gold/FC had a false breakdown. False moves lead to fast moves the other way.
Gold/Global Equities has surged back above its 200-dma and should establish a new uptrend. The next step for Gold is to get back into an uptrend against US equities.
TheDailyGold Premium #593
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We published TDG #593, a 21-page update today.
We discussed the current negative outlook for precious metals along with positive developments.
The positive is Gold is now outperforming global equities and foreign currencies also. Ultimately it needs to outperform US equities too and it will as they weaken more eventually. These are the things that start to happen as precious metals work towards finding a bottom.
However, the negative is gold stocks essentially crashed into the 2000 and 2008 bottoms. Precious metals can get hit hard even as their fundamentals start improving, right before they bottom.
If you want to save money or even make money before the major turn next year, consider a subscription. We profited handsomely on the big decline in August and intend to do the same over the coming months.
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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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