Some Updated Gold Charts
$GLD $GDX
Prior posts -
Gold is hot right now, breaking above base with a current RSI reading of 85.
While it won’t be a straight shot, a rough outline of my upside target for GLD 0.00%↑ is below, based on the trough of the base, an equally sized move above.
The relative trend to SPY 0.00%↑ isn’t particularly attractive, but this becomes secondary to me in situations where a differing asset class has broken out after such a long consolidation period. Consider it a diversifying alternative.
One final look…
Gold Miners -
So we have Gold at all-time highs, while the miners are in a 50% draw-down from their peak nearly 13 years ago (30% off their peak from 5 years ago). Catch-up trade ?
I took a small position in NEM 0.00%↑ , which has caught a nice bid here in March, is above a rising 5 day, and not too far off of a base bottom. NEM 0.00%↑ is the largest holding of GDX 0.00%↑ , with over 12% weighting.