The metal stocks continue to hold key support levels on their daily charts. Stocks like Goldcorp Inc. (USA) (NYSE:GG) and Silver Wheaton Corp. (USA) (NYSE:SLW) are into major support as shown in the chart below. These stocks have seen a dramatic decline in recent months as the Dollar has surged and gold and silver have fallen. The SPDR Gold Trust (ETF) (NYSEARCA:GLD) hit a 52 week high in 2011 at $185.85. Today, the low was $148.98.
As scary as the charts look on the miners like…
Added by Bryan Leighton on May 16, 2012 at 11:51am — No Comments
For the second time in a week, the miners have reversed off early lows. Stocks like Goldcorp Inc. (USA) (NYSE:GG), Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) and Yamana Gold Inc. (USA) (NYSE:AUY) are all off their lows, trying to move to the positive side in an ugly market sell off. These stock have all been hammered in recent months, trading at or near 52 week lows. This second reversal in a week speaks of a possible bottom forming in the sector. Stocks like Goldcorp could be…Continue
Added by Bryan Leighton on May 14, 2012 at 12:16pm — No Comments
This afternoon, all of the leading gold mining stocks are coming under selling pressure. The popular Market Vectors Gold Miners ETF Trust (NYSEARCA:GDX) is trading lower by 0.65 cents to $46.48 a share. The trend on this leading ETF remains down as the GDX price is trading below the daily chart 50, and 200 moving averages. The GDX should have some short term daily chart support around the $45.00 level. Short term traders should watch for intra-day support around the $46.25 area.…Continue
Added by Bryan Leighton on April 18, 2012 at 3:50pm — No Comments
This morning, most of the leading gold and gold mining indexes are trading higher to start the day. As you may know, the gold sector has been extremely weak since late February 2012. At that time, the highly popular SPDR Gold Shares (NYSE:GLD) were trading as high as $174.00 a share. Today, the GLD is trading higher by $1.62 to $159.92 a share. The daily chart of GLD still remains very weak as the price is trading below the daily chart 50, and 200 moving averages. This formation puts…Continue
Added by Bryan Leighton on April 9, 2012 at 10:14am — No Comments
The leading gold mining stocks have been declining lower since February 29, 2011. At that time, the Market Vectors Gold Miners ETF (NYSEARCA:GDX) was trading as high as $57.91 a share. This afternoon, the popular GDX is trading lower by 0.73 cents to $49.90 a share. This leading gold mining ETF is now trading below the important 50, and 200 moving averages. This current chart formation puts the GDX in a weak technical chart position. Short term traders can watch for intra-day support…Continue
Added by Bryan Leighton on March 27, 2012 at 4:00pm — No Comments
All of the leading gold mining stocks have surged higher over the past week. The popular Market Vectors Gold Miners ETF (NYSE:GDX) has rallied higher by over $6.00 since January 25, 2012. This is a very fast move in such a small span of time. Whenever an equity rallies this quickly it will usually need to pullback or consolidate before moving higher. Traders can easily see that the GDX has been halted by the daily chart 200 moving average.
Leading gold mining…
Added by Bryan Leighton on February 1, 2012 at 11:15am — No Comments
There are so many traders and investors that believe that the gold mining stocks will automatically trade along with gold, the precious metal; this is not always the case. Every stock has its own set of issues that it will face. Very often the price of gold and the gold mining stocks will trade in tandem with each other, however, there will be times when the mining stocks will lag and other times when they will lead the price of gold. Each different gold mining stock must be followed…Continue
Added by Bryan Leighton on January 9, 2012 at 11:10am — No Comments
Throughout this week, the leading gold mining stocks have come under heavy selling pressure. The Market Vectors Gold Miners ETF (NYSEARCA:GDX) has declined from $56.00 a share on December 12, 2011 down as low as $51.57 a share yesterday. That is a major drop for the ETF in less than a week by anyone’s standards. This morning, the GDX is trading higher by $1.05 to $52.75 a share. The daily chart is short term oversold so a near term technical bounce should not be ruled out. The GDX also…Continue
Added by Bryan Leighton on December 16, 2011 at 10:34am — No Comments
Every trader should watch gold extremely closely. Gold has signaled inflation better than any indicator in the world for the past ten years. When gold trades higher it tells traders that the stock markets are being inflated by a major institution or perhaps even a central bank. The opposite is true when gold declines as it will indicate that the stock market is deflating. Gold and the stock market are synonymous with each other. The only difference is that gold will usually lead the…Continue
Added by Bryan Leighton on November 17, 2011 at 11:10am — No Comments
There is a very simply rule that traders should follow, when gold is trading higher it is signaling an inflating stock market. The opposite is true when gold is trading lower, it is signaling a deflating stock market. Gold and the major stock indexes are synonymous at this time and will trade in the same direction. Traders and investors should know that gold often leads the stock markets and will usually signal the direction for the major stock indexes.
Added by Bryan Leighton on November 14, 2011 at 10:27am — No Comments
Added by Bryan Leighton on July 18, 2011 at 10:19am — No Comments