Wealth Creation Through Natural Resources
People often ask me what do I look at first when I initially study a stock chart. The answer, in this specific order is, trend, support/resistance, moving averages and volume. Then, I begin to flip through time frames. So if … Continued
The gold miners as represented by GDX have tested the ~$13 support level more than a half dozen times since July and thus far this support level has held every time: GDX (Daily) Forget seasonality, forget extreme CoT positioning, forget that … Continued
Gold is well on its way down to an important area of potential support around $1,000/oz; there is a great deal of confluence and price memory in the upper $900s/lower $1000s: Gold (Monthly) Throw in potentially extreme CoT positioning … Continued
An interesting dynamic has taken shape in gold in recent weeks. As price has continued to oscillate in a roughly $30 range between $1075 and $1105 sentiment has further deteriorated, here is a small sampling of some of the headlines … Continued
For the last two months gold has been ping-ponging between support around $1180 and resistance near $1225: To be sure, the $1180 level has been tested many more times than the $1225 resistance level. Given the extremely low levels … Continued
One of the things I noticed early on in investing in junior mining equities is that they follow technical patterns fairly well. In other words, the charts are much cleaner indications of investor supply & demand with much less influence … Continued
With the release of the March non-farm payrolls report it has become plainly evident that the US economy has not reached ‘escape velocity’ regardless of what the perma-bulls might lead us to believe. Equity futures responded by spilling nearly 1% … Continued
Since gold topped out near $1307 in late-January the yellow metal has followed a standard script in its descent; violent $10-$20 down moves that occur in a matter of seconds or minutes followed by much lengthier sideways or slightly rising … Continued
What began as a garden variety pullback after a white hot ~25% rally in the first 3 weeks of the year has turned into a full blown double-digit correction with a retest of crucial support/resistance currently underway: The ~$20 … Continued
Gold briefly breached the key psychological $1200 level before finding support at a likely spot: The 61.8% retracement of the entire November-January rally happens to also coincide with the uptrend drawn through the December and January lows and the lower … Continued