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NY Gold Futures »» Weekly Summary Analysis
By: Marty Armstrong | June 15, 2024
NY Gold Futures closed today at 23491 and is trading up about 13% for the year from last year's settlement of 20718. Immediately, this market has been rising for 7 months going into June suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low.
ECONOMIC CONFIDENCE MODEL CORRELATION
Here in NY Gold Futures, we do find that this particular market has correlated with our Economic Confidence Model in the past. The Last turning point on the ECM cycle low to line up with this market was 2022 and 2015. The Last turning point on the ECM cycle high to line up with this market was 2020 and 2011 and 1996.
MARKET OVERVIEW
NEAR-TERM OUTLOOK
The NY Gold Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2024. However, this last portion of the rally has taken place over 9 years from the last important low formed during 2015. Clearly, we have elected four Bullish Reversals to date.
This market remains in a positive position on the weekly to yearly levels of our indicating models. Pay attention to the Monthly level for any serious change in long-term trend ahead.
Focusing on our perspective using the indicating ranges on the Daily level in the NY Gold Futures, this market remains moderately bullish currently with underlying support beginning at 23373 and overhead resistance forming above at 23542. The market is trading closer to the resistance level at this time.
On the weekly level, the last important high was established the week of May 20th at 24542, which was up 14 weeks from the low made back during the week of February 12th. We have been generally trading up for the past week from the low of the week of June 3rd, which has been a move of 2.369%. When we look deeply into the underlying tone of this immediate market, we see it is currently still in a weak posture. Immediately, this decline from the last high established the week of May 20th has been important Before, this recent rally exceeded the previous high of 24488 made back during the week of April 8th. That high was likewise part of a bullish trend making higher highs over the week of January 29th. This immediate decline has thus far held the previous low formed at 19964 made the week of February 12th. Only a break of that low would signal a technical reversal of fortune and of course we must watch the Bearish Reversals. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 23263. Additional support is to be found at 23006. Looking at this from a wider perspective, this market has been trading up for the past 6 weeks overall.
INTERMEDIATE-TERM OUTLOOK
YEARLY MOMENTUM MODEL INDICATOR
Our Momentum Models are declining at this time with the previous high made 2020 while the last low formed on 2023. However, this market has rallied in price with the last cyclical high formed on 2023 and thus we have a divergence warning that this market is starting to run out of strength on the upside.
Interestingly, the NY Gold Futures has been in a bullish phase for the past 18 months since the low established back in November 2022.
Critical support still underlies this market at 19950 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.
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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | June 8, 2024
• Following futures positions of non-commercials are as of June 4, 2024.
Gold: Currently net long 237.3k, up 717.
After essentially hugging the 50-day for 10 consecutive sessions, gold sliced through the average on Friday. For the week, it declined 0.9 percent to $2,325/ounce. A loss of $2,300 – which seems imminent in the sessions ahead – will open the door toward horizontal support at $2,240s.
Earlier, gold printed a fresh high of $2,454 on May 20th before going the other way. The metal has come a long way. Last October, it ticked $1,824 and was at $1,996 this February. It is healthy to digest these gains by unwinding the overbought condition gold is in – the weekly in particular.
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NY Gold Futures »» Weekly Summary Analysis
By: Marty Armstrong | June 8, 2024
NY Gold Futures closed today at 23250 and is trading up about 12% for the year from last year's settlement of 20718. Presently, this market has been rising for 7 months going into June suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low.
ECONOMIC CONFIDENCE MODEL CORRELATION
Here in NY Gold Futures, we do find that this particular market has correlated with our Economic Confidence Model in the past. The Last turning point on the ECM cycle low to line up with this market was 2022 and 2015. The Last turning point on the ECM cycle high to line up with this market was 2020 and 2011 and 1996.
MARKET OVERVIEW
NEAR-TERM OUTLOOK
The NY Gold Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2024. However, this last portion of the rally has taken place over 9 years from the last important low formed during 2015. Noticeably, we have elected four Bullish Reversals to date.
This market remains in a positive position on the weekly to yearly levels of our indicating models. Pay attention to the Monthly level for any serious change in long-term trend ahead.
From a perspective using the indicating ranges on the Daily level in the NY Gold Futures, this market remains moderately bearish position at this time with the overhead resistance beginning at 23351 and support forming below at 22943. The market is trading closer to the resistance level at this time.
On the weekly level, the last important high was established the week of May 20th at 24542, which was up 14 weeks from the low made back during the week of February 12th. We have seen the market drop sharply for the past week penetrating the previous week's low and it closed beneath that low which was 23338. This was a very bearish technical indicator warning that we have a shift in the immediate trend. We are trading below the Weekly Momentum Indicators warning that the decline is very significant and we need to pay attention to the timing and reversals. When we look deeply into the underlying tone of this immediate market, we see it is currently still in a weak posture. Immediately, this decline from the last high established the week of May 20th has been important closing sharply lower as well. Before, this recent rally exceeded the previous high of 24488 made back during the week of April 8th. That high was likewise part of a bullish trend making higher highs over the week of January 29th. This immediate decline has thus far held the previous low formed at 19964 made the week of February 12th. Only a break of that low would signal a technical reversal of fortune and of course we must watch the Bearish Reversals. Right now, the market is below momentum on our weekly models casting a bearish cloud over the price action as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 5 weeks overall.
INTERMEDIATE-TERM OUTLOOK
YEARLY MOMENTUM MODEL INDICATOR
Our Momentum Models are declining at this time with the previous high made 2020 while the last low formed on 2023. However, this market has rallied in price with the last cyclical high formed on 2023 and thus we have a divergence warning that this market is starting to run out of strength on the upside.
Interestingly, the NY Gold Futures has been in a bullish phase for the past 18 months since the low established back in November 2022.
Critical support still underlies this market at 19950 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.
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$GDX $SPX Ratio - Update, Nice turn from Spprt. Now tackling its Wkly 150/MA...
By: Sahara | June 6, 2024
• $GDX $SPX Ratio - Update
Nice turn from Spprt. Now tackling its Wkly 150/MA...
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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | June 1, 2024
• Following futures positions of non-commercials are as of May 28, 2024.
Gold: Currently net long 236.6k, up 6.8k.
Gold was up 0.5 percent for the week but could have done better. At Tuesday’s high, gold rallied as high as $2,386 but finished the week at $2,346/ounce. The metal has essentially gone sideways the last six sessions just above the 50-day ($2,335).
It increasingly feels like gold is taking a breather before beginning a process of digesting the recent gains. Last October, the yellow metal ticked $1,824 and was at $1,996 this February. On May 20th, gold reached $2,454.
Once the 50-day gives way, there is decent support at $2,240s.
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NY Gold Futures »» Weekly Summary Analysis
By: Marty Armstrong | June 1, 2024
NY Gold Futures closed today at 23458 and is trading up about 13% for the year from last year's settlement of 20718. Up to now, this market has been rising for 7 months going into June suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low.
ECONOMIC CONFIDENCE MODEL CORRELATION
Here in NY Gold Futures, we do find that this particular market has correlated with our Economic Confidence Model in the past. The Last turning point on the ECM cycle low to line up with this market was 2022 and 2015. The Last turning point on the ECM cycle high to line up with this market was 2020 and 2011 and 1996.
MARKET OVERVIEW
NEAR-TERM OUTLOOK
The NY Gold Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2024. However, this last portion of the rally has taken place over 9 years from the last important low formed during 2015. We have elected four Bullish Reversals to date.
This market remains in a positive position on the weekly to yearly levels of our indicating models. Pay attention to the Monthly level for any serious change in long-term trend ahead.
Looking at the indicating ranges on the Daily level in the NY Gold Futures, this market remains neutral with resistance standing at 23490 and support forming below at 23405. The market is trading closer to the resistance level at this time.
On the weekly level, the last important high was established the week of May 20th at 24542, which was up 14 weeks from the low made back during the week of February 12th. Afterwards, the market bounced for 14 weeks reaching a high during the week of May 20th at 23263. Since that high, we have been generally trading down to sideways for the past week, which has been a sharp move of 4.905% in a reactionary type decline. Nonetheless, the market still has not penetrated that previous low of 19964 as it has fallen back reaching only 23338 which still remains 16.90% above the former low.
When we look deeply into the underlying tone of this immediate market, The broader perspective, this current rally into the week of May 20th has exceeded the previous high of 24488 made back during the week of April 8th. This immediate decline has thus far held the previous low formed at 19964 made the week of February 12th. Only a break of that low would signal a technical reversal of fortune and of course we must watch the Bearish Reversals. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 23006. Additional support is to be found at 23046. Looking at this from a wider perspective, this market has been trading up for the past 5 weeks overall.
INTERMEDIATE-TERM OUTLOOK
YEARLY MOMENTUM MODEL INDICATOR
Our Momentum Models are declining at this time with the previous high made 2020 while the last low formed on 2023. However, this market has rallied in price with the last cyclical high formed on 2023 and thus we have a divergence warning that this market is starting to run out of strength on the upside.
Interestingly, the NY Gold Futures has been in a bullish phase for the past 18 months since the low established back in November 2022.
Critical support still underlies this market at 19950 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.
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Gold Stocks Catching Up
By: Adam Hamilton | May 31, 2024
After getting off to a slow start in this upleg, gold miners’ stocks are beginning to catch up with their metal. Gold stocks lagged dreadfully early on, but are increasingly outperforming in gold’s remarkable breakout surge of recent months. These mounting gold-stock gains are boosting bullish sentiment, attracting in more traders accelerating the upside. This virtuous circle of capital inflows still has a long way to run.
If gold stocks can’t leverage gold’s gains, they aren’t worth owning. While miners have high potential to soar with their metal, they bear big additional risks. Those include all kinds of operational, geological, regulatory, and geopolitical challenges and problems. And they are all heaped on top of the biggest risk of all, gold price trends! Yet that’s the only risk in gold bullion, so miners’ stocks really need to outperform.
If they don’t, speculators and investors are much better off sticking to gold itself. Historically the leading GDX gold-stock ETF has amplified material gold moves by 2x to 3x. This range’s lower end is probably the minimum acceptable to compensate traders for gold stocks’ big additional risks. And the upper end is where this high-flying sector can quickly multiply wealth. Unfortunately much of gold’s latest upleg saw neither.
This mighty upleg was born in early October at a deep low near $1,820. Gold V-bounced sharply out of that anomalous nadir on heavy gold-futures short-covering buying. By early December gold had already surged 13.8% to $2,071, its first record close in fully 3.3 years! Yet despite the growing excitement and bullishness that generated, GDX’s parallel early-upleg gains merely ran 22.8% making for weak 1.7x leverage.
After hitting a second marginally-higher record in late December, gold rolled over into a pullback. That really proved mild, with gold slumping just 4.2% at worst into mid-February. Yet confidence remained so darned low in gold stocks that GDX collapsed 19.1% on that, for horrendous 4.6x downside leverage! Then even though gold soon rebounded 2.1% by late February, GDX ground another 0.4% lower to $25.79.
Shockingly that was marginally under early October’s $25.91 when this upleg was born! Gold’s young upleg remained strong then, still up 11.7%. But the major gold stocks of GDX somehow still edged down 0.5% in that entire span. This sector was a total disaster, not only not leveraging gold but completely ignoring a strong upleg! That miserable anomaly was murder on sentiment, leaving bearishness running rampant.
I wrote an essay on gold stocks languishing that very week, concluding then “These seriously-oversold gold stocks riddled with capitulatory bearishness is an anomaly that will prove short-lived. They are due to soon mean revert sharply higher with gold. ... gold’s bull advance will soon resume on big gold-futures long buying. Incredibly all that fueling gold’s young upleg has been reversed, fully reloading spec-long buying.”
I continued, “After similar past excessively-bearish longs, mean-reversion buying has catapulted gold about 12% higher in roughly six weeks. The battered gold stocks will fly as that drives gold deep into record territory.” I caught a lot of flak for that hardcore contrarian essay, which used this same chart. At that time, GDX was way down at its latest deep low labeled here “Crazily Retreats to Pre-Gold-Upleg Lows”.
With gold stocks at absurd lows relative to gold then, we were aggressively adding cheap trades to fill up our newsletter trading books. All that was a great call, as what happened since proved. We didn’t have to wait long either. As March dawned, a top Fed official gave a speech hinting at monetizing more US Treasuries. That indeed triggered epic gold-futures long buying, and gold was quickly off to the races again.
Speculators’ gold-futures holdings are only published weekly in the famous Commitments of Traders reports. In the CoT week alone straddling that Fed surprise, gold rocketed a monster 4.9% higher! The specs bought an astounding 55.0k long contracts, the fourth highest on record out of all 1,314 CoT weeks since early 1999 then! GDX blasted up 10.2% during that CoT week, returning to normal 2.1x leverage...
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$GDX #Miners - Holding its 2/Day 12/MA
By: Sahara | May 28, 2024
• $GDX #Miners - Holding its 2/Day 12/MA.
Recall we need to see it negate that Wkly 'Engulfing' Candle I mentioned may form, which it did to head straight to targets...
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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | May 25, 2024
• Following futures positions of non-commercials are as of May 21, 2024.
Gold: Currently net long 229.8k, up 25.3k.
Non-commercials raised net longs in gold futures to the highest since April 2022. They were probably lured into the trade by the metal’s recent strength. This month, gold rallied from $2,285 on the 3rd to $2,454 on the 20th, with the latter a fresh record, surpassing the recent all-time high of $2,449 posted on April 12th.
However, gold bugs were unable to latch on to the 20th (this Monday) high. By the end of the week, the yellow metal gave back 3.4 percent to $2,335/ounce.
More weakness probably lies ahead, particularly if the bulls are unable to defend the 50-day moving average at $2,319. There is decent support at $2,240s.
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NY Gold Futures »» Weekly Summary Analysis
By: Marty Armstrong | May 25, 2024
Next Monday is Memorial Day, which is a holiday in the United States. NY Gold Futures closed today at 23345 and is trading up about 12% for the year from last year's settlement of 20718. Caution is required for this market is starting to suggest it may now decline on the MONTHLY level. Presently, this market has been rising for 6 months going into May suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low. As we stand right now, this market has made a new high exceeding the previous month's high reaching thus far 24542 while it has not broken last month's low so far of 22491. Nevertheless, this market is still trading above last month's close of 23029.
ECONOMIC CONFIDENCE MODEL CORRELATION
Here in NY Gold Futures, we do find that this particular market has correlated with our Economic Confidence Model in the past. The Last turning point on the ECM cycle low to line up with this market was 2022 and 2015. The Last turning point on the ECM cycle high to line up with this market was 2020 and 2011 and 1996.
MARKET OVERVIEW
NEAR-TERM OUTLOOK
The NY Gold Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2024. However, this last portion of the rally has taken place over 9 years from the last important low formed during 2015. We have elected four Bullish Reversals to date.
This market remains in a positive position on the weekly to yearly levels of our indicating models. Pay attention to the Monthly level for any serious change in long-term trend ahead.
Looking at the indicating ranges on the Daily level in the NY Gold Futures, this market remains moderately bearish position at this time with the overhead resistance beginning at 23387 and support forming below at 23182. The market is trading closer to the resistance level at this time.
On the weekly level, the last important low was established the week of April 29th at 22852, which was down 3 weeks from the high made back during the week of April 8th. So far, this week is trading within last week's range of 24542 to 23263. Nevertheless, the market is still trading downward more toward support than resistance. A closing beneath last week's low would be a technical signal for a correction to retest support.
When we look deeply into the underlying tone of this immediate market, The broader perspective, this current rally into the week of May 20th reaching 24542 has exceeded the previous high of 24488 made back during the week of April 8th. That high was likewise part of a bullish trend making higher highs over the week of January 29th. We have seen a rally thus far from the last low of 22852 for the past 3 weeks. Only a break of that low would signal a technical reversal of fortune, however, the market remains strong at this time. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 22852. Resistance is to be found starting at 23402. Looking at this from a wider perspective, this market has been trading up for the past 3 weeks overall.
INTERMEDIATE-TERM OUTLOOK
YEARLY MOMENTUM MODEL INDICATOR
Our Momentum Models are declining at this time with the previous high made 2020 while the last low formed on 2023. However, this market has rallied in price with the last cyclical high formed on 2023 and thus we have a divergence warning that this market is starting to run out of strength on the upside.
Interestingly, the NY Gold Futures has been in a bullish phase for the past 17 months since the low established back in November 2022.
Critical support still underlies this market at 20030 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading above last month's high showing some strength.
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Gold Mid-Tiers’ Q1’24 Fundamentals
By: Adam Hamilton | May 24, 2024
The mid-tier and junior gold miners in this sector’s sweet spot for upside potential recently wrapped up their latest earnings season. These fundamentally-superior smaller gold producers delivered big last quarter, reporting spectacular results. The potent combination of record gold prices, lower mining costs, and better production fueled some of their richest profits ever. Yet mid-tiers still remain way undervalued.
The leading mid-tier-gold-stock benchmark is the GDXJ VanEck Junior Gold Miners ETF. With $5.5b in net assets mid-week, it remains the second-largest gold-stock ETF after its big brother GDX. That is dominated by far-larger major gold miners, though there is much overlap between these ETFs’ holdings. Still misleadingly named, GDXJ is overwhelmingly a mid-tier gold-stock ETF with juniors having little weighting.
Gold-stock tiers are defined by miners’ annual production rates in ounces of gold. Small juniors have little sub-300k outputs, medium mid-tiers run 300k to 1,000k, large majors yield over 1,000k, and huge super-majors operate at vast scales exceeding 2,000k. Translated into quarterly terms, these thresholds shake out under 75k, 75k to 250k, 250k+, and 500k+. Today only one of GDXJ’s 25 biggest holdings is a true junior!
Its Q1 production is highlighted in blue in the table below. Juniors not only mine less than 75k ounces per quarter, but their gold output generates over half their quarterly revenues. That excludes streaming and royalty companies that purchase future gold output for big upfront payments used to finance mine-builds, and primary silver miners producing byproduct gold. But mid-tiers often make better investments than juniors.
These gold miners dominating GDXJ offer a unique mix of sizable diversified production, excellent output-growth potential, and smaller market capitalizations ideal for outsized gains. Mid-tiers are less risky than juniors, while amplifying gold uplegs much more than majors. Our newsletter trading books are now filled with fundamentally-superior mid-tiers and juniors, smaller gold miners which we’ve long specialized in at Zeal.
Mid-tier gold-stock outperformance accelerates as major gold uplegs mature, increasingly attracting more traders to bid up stock prices. That’s finally starting to happen again as gold-stock sentiment shifts back to bullish. Gold’s driving upleg has powered 33.2% higher at best since early October. The major gold stocks represented by GDX hit a new +44.5% highwater mark midweek, for meager 1.3x upside leverage to gold.
Historically major gold stocks tend to amplify material gold moves by 2x to 3x, with that upside leverage mounting later in uplegs. That process is underway, as since mid-February GDX’s gains have outpaced gold’s by 2.0x. The mid-tiers of GDXJ lagged their larger peers for much of this upleg, as traders hadn’t started warming to this sector. But GDXJ’s total upleg gains grew to 52.3% this week, pulling ahead of GDX.
This smaller-gold-stock outperformance should continue expanding on balance. Fundamentally-superior mid-tiers’ gains during major gold uplegs surge way ahead of the majors’, sometimes even doubling them! The longer gold and gold stocks rally, the more bullish speculators and investors wax on them, the more capital they deploy to chase those gains, the more mid-tiers’ stock prices accelerate way ahead of larger miners’.
For 32 quarters in a row now, I’ve painstakingly analyzed the latest operational and financial results from GDXJ’s 25-largest component stocks. Mostly mid-tiers, they now account for 66.0% of this ETF’s total weighting. While digging through quarterlies is a ton of work, understanding smaller gold miners’ latest fundamentals really cuts through the obscuring sentiment fogs shrouding this sector. This research is essential.
This table summarizes the GDXJ top 25’s operational and financial highlights during Q1’24. These gold miners’ stock symbols aren’t all US listings, and are preceded by their rankings changes within GDXJ over this past year. The shuffling in their ETF weightings reflects shifting market caps, which reveal both outperformers and underperformers since Q1’23. Those symbols are followed by their recent GDXJ weightings.
Next comes these gold miners’ Q1’24 production in ounces, along with their year-over-year changes from the comparable Q1’23. Output is the lifeblood of this industry, with investors generally prizing production growth above everything else. After are the costs of wresting that gold from the bowels of the earth in per-ounce terms, both cash costs and all-in sustaining costs. The latter help illuminate miners’ profitability.
That’s followed by a bunch of hard accounting data reported to securities regulators, quarterly revenues, earnings, operating cash flows, and resulting cash treasuries. Blank data fields mean companies hadn’t disclosed that particular data as of the middle of this week. The annual changes aren’t included if they would be misleading, like comparing negative numbers or data shifting from positive to negative or vice-versa.
The mid-tier gold miners’ overall Q1’24 performance again proved spectacular! These sweet-spot-for-upside smaller gold stocks slashed mining costs while boosting their production. Those strong operations combined with record prevailing gold prices fueled another massive per-ounce earnings jump, the fourth consecutive quarter of those! Last quarter was among the best mid-tiers ever reported, impressively bullish.
Production growth trumps everything else as the primary mission for gold miners. Higher outputs boost operating cash flows which help fund mine expansions, builds, and purchases, fueling virtuous circles of growth. Mining more gold also boosts profitability, lowering unit costs by spreading big fixed operational expenses across more ounces. But for the first time in eight quarters, the GDXJ top 25’s output shrunk!
They collectively mined 3,692k ounces of gold in Q1’24, which slipped 0.8% YoY. But that is due solely to composition changes among these elite ranks. Four stocks surged dramatically over this past year to enter the GDXJ top 25, displacing four other stocks. Among the ascenders is Aya Gold & Silver, a small silver miner that produces no gold. That elbowed Lundin Gold to 26th place, which mined 112k ounces in Q1.
Replacing a producer with a non-producer skewed overall output lower. Had LUG been included instead of AYA, the GDXJ top 25’s aggregate output last quarter would’ve climbed 2.2% YoY to 3,803k ounces! That’s pretty impressive, much better than the GDX-top-25 majors’ 0.6%-YoY shrinkage I analyzed in an essay on their latest results last week. But both these elite mid-tiers’ and majors’ production is still lagging.
Every quarter the World Gold Council publishes fantastic Gold Demand Trends reports, containing the best-available global gold supply-and-demand data. The recent Q1’24 edition revealed total worldwide mine production grew 4.4% YoY. The GDXJ top 25 would’ve even bested that if not for output shortfalls in just two of its larger producers, B2Gold and Endeavour Mining. But those were both expected last quarter.
BTG suffered a permitting delay for a sizable new gold project in Mali, so it has guided 2024 to midpoint production around 900k ounces. That would make for full-year shrinkage of 15.2%. But with that project and another new mine coming online in 2025, next year is already forecast to see production surge 21.1% to a record 1,090k-ounce midpoint. So this year is a temporary lull for B2Gold before growth resumes.
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$GDXJ #Miners - Holding the B/Out after a B/Test of the 'Broadening' Plot within the 'Bowl'...
By: Sahara | May 23, 2024
• $GDXJ #Miners - Holding the B/Out after a B/Test of the 'Broadening' Plot within the 'Bowl'...
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$GDX #Miners - 1st Target Hit
By: Sahara | May 23, 2024
• $GDX #Miners - 1st Target Hit.
And came close to the 2nd. Now a Wkly Bearish 'Engulfing' Candle (If held to wkly close).
Bearing in mind this pushed up to the Lrgr 'Coils' B/Out Line which I had shown prior so may just be an initial reaction to that...
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More than 40% of gold mining stocks hit a 52-week high last week
By: SentimenTrader | May 22, 2024
• More than 40% of gold mining stocks hit a 52-week high last week. This was the first reading over 40% in over a year - the last couple of instances marked the nascent stages of impressive rallies.
Over the past 30 years, when gold mining stocks have seen cycles in selling and buying pressure similar to the past few months, they showed gains 2-3 months later almost every time.
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Gold CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | May 19, 2024
• Following futures positions of non-commercials are as of May 14, 2024.
Gold: Currently net long 204.5k, up 4.9k.
Gold rallied for a second week in a row, up 1.8 percent this week. The mettle has been rallying since May 3rd when it ticked $2,285 intraday. As a matter of fact, this week represents a new closing high of $2,417 – just ahead of $2,414 recorded four weeks prior. Back then, gold had just printed a new intraday high of $2,449, which occurred on April 12th, but the session reversed hard to close at $2,361.
Kudos to gold bugs for having rallied the metal back to those highs. The action after that high lasting five weeks now qualifies for sideways congestion, giving the bulls another opportunity to break out.
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