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.
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.
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