We are nearly there on Gold. Friday saw a big move, and as I have been banging on about for some months, there will be great opportunities this year.
So let us look at GDX, the gold miners ETF, which is a leading indicator for the gold price.
Daily Charts GDX
As you can clearly see (indicated by the cyan arrow), ultra high volume resulting in the daily price commencing a new uptrend.
My favorite stock for gold is Newmont Mining (NEM). So let’s take a look at some charts.
Newmont Mining Weekly
Look at the last Hawkeye Pivot low (yellow dot). This is pushing price up on buying volume. So the last Pivot highs (shown with the yellow dotted line) are being tested.
Newmont Mining Daily
Interestingly the high volume bar (with the yellow dot) occurred in price congestion, followed by declining volume, indicating accumulation (see my free volume book here for further information), resulting in the price commencing a trend run. But it has still to break the Pivot highs to the left (indicated by the yellow dotted line). When it does, with no part of the price bar straddling the dotted line, then we know we are in a strong uptrend.
Nearly there! Be patient, this coming week will tell all.
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[The cyan and magenta arrows are for illustration only and do not form part of the software]