Wealth Creation Through Natural Resources
Everyone has been watching the pennant pattern in gold this week and today it appeared that gold was breaking out to the upside and headed to ~$1300: Gold (Daily) The key word is “appeared”. After trading as high as … Continued
Noted technician and fund manager J.C. Parets has been a long time friend of CEO.CA and E&G. Yesterday he put up a tour de force post on gold and gold miners highlighting the significance of some of the recent price … Continued
Gold futures have pulled back nearly $60/oz from last Thursday’s parabolic blow-off high, retracing roughly 38.2% of the entire breakout since late-January: Gold (Daily) The $1190-$1200 area now becomes important support; the $60 shakeout since Thursday’s high is standard price action … Continued
After rallying ~44% in 14 trading sessions the gold miners (GDX) are showing some signs of exhaustion: GDX (Daily) GDX printed a ‘shooting star’ candlestick following what could very well be an ‘exhaustion gap’. A few clues that today’s … Continued
Some stats about the current rally in the gold miners (GDX): +37.50% in 13 trading sessions GDX has gone from 3 sessions dipping below the lower 2-std. deviation Bollinger Band (January 19-21) to 3 consecutive closes above the upper 2-std. … Continued
Normally one would think that a 7.34% rally on enormous volume would be a bullish sign for a stock or sector. However, the last couple of times that GDX posted a huge rally on 120+ million shares price was considerably … Continued
The gold miners (GDX) rallied for a 6th consecutive trading session today making for a 14.5% gain since last Tuesday’s all-time low at $12.40: GDX (Daily) In the last few years a six session winning streak in GDX has happened … Continued
Gold and energy equity ETFs formed bullish engulfing candlesticks during today’s trading session after printing bullish hammer reversal candlesticks yesterday: GDX (Daily) OIH (Daily) The backtest results for a bullish engulfing candlestick in OIH are especially impressive … Continued
The Gold Miners ETF (GDX) has traded an enormous amount of volume in the $13-$14 price range during the last 6 months and the GDX enters 2016 experiencing some of the lowest realized volatility in history: GDX (Daily) This chart … Continued
A sea of green across U.S. equity markets today: S&P 500 Heat Map Perhaps most interesting was that gold miners (GDX) rallied nearly 4% as gold added $17/ounce: GDX (Daily) GDX has spent the 2nd half of 2015 … Continued