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Jordan Roy-Byrne, CMT, MFTA |
TheDailyGold: Signals of What's Coming in Juniors...
Published: Mon, 07/06/20
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Metals have not broken critical resistance levels (yet), but last week junior gold stocks did.
Both GDXJ and GOEX broke 7-year resistance in daily and weekly closing terms. The moves seen in individual juniors in recent days could be a signal of what's ahead. Last week I showed a mystery chart. From a macro-standpoint I think this right now is the most important chart in precious metals. I discuss it in this video.
Moving along, take a look at this chart... This is GDM (GDX parent index) with oscillators showing the distance from the 50-day EMA, 100-day EMA and 200-day EMA. This can be a simple, overbought/oversold indicator. It's mostly because of the Covid crash, but GDX is currently not at a overbought extreme based on these oscillators. This is somewhat similar to 2008. The market was so oversold that it never became too overbought in the first 12 months after the October 2008 low.  Moving onto TheDailyGold Premium...
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