Going, Going, Gone (Up)!
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The articles we wrote Nov 1/18, Dec 4/18, and especially Jan 25/19 (archived here and at our website), are turning out to be prescient. In that same spirit we present you with ‘Going, going, gone (up)’.
Charts are courtesy Stockcharts.com unless indicated.
Featured is the daily gold chart. Price shows a series of ‘steps’ where a breakout occurs from beneath resistance. The blue arrow points to the latest ‘step’. The supporting indicators are positive, including the important Accumulation/Distribution line. The moving averages (50DMA and 200DMA), are in positive alignment.
Featured is GDX the gold miners ETF. The trend has been rising since September and the speed is picking up, as indicated by the green arrows. The target for the breakout from the flag pattern is 24.50.
Featured is the gold price in foreign currencies. The trend has been rising since September and the supporting indicators are positive. The Moving Averages have completed a ‘bull cross’ (green square), and are now in positive alignment and rising. All of this is bullish.