Precious Metals Rally Taking Gold Miners (GDX) Along for the Ride
Gold turned bullish in September and continues higher this week, propelling gold miners (GDX) above recent pivot highs.
Summary
Gold Miners – Bullish Cycle
The cycle has turned bullish again, similar to November, where GDX rallied an additional 18.11% (18.16 > 21.45). Monday close 21.45 suggests the GDX could breakout if 21.54 is taken out this week.
Volume is picking up as well.
With the major SPDR sectors overbought, together with a peak in the current cycle, we will look to gold for a follow-through move this week.
Earnings are in full swing, so we are trading smaller positions. Once the dust settles we can determine which direction the market is headed.
Earnings and Strength
- NUE and AKS steel are trading higher this morning post-EPS.
- Cannabis stocks also look like there might be some interested parties pushing CRON and CGC higher in early trading.
- Chips and transports are on our focus list.
Join us today for our LIVESTREAM broadcast during market hours, as we trade these gold, the GDX, and potential new positions. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
Want to become a member? Check details here:
Disclaimer: Do your Own Research
Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advise” to enter any particular position or asset.
Investment Warnings
We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.
Live Sessions
Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.