Tuesday, July 1, 2014

2 Gold Charts and Must-Know News

Happy Canada Day to my Canadian friends.

It may not look like much on a chart, but it is technically significant when a market price closes out the week, month or quarter at its high for that period. And that’s just what gold did yesterday. This is happening despite the easing of tensions somewhat in Iraq, and the fact that Chinese gold imports remain flat (for now).

Yeah, I do think that's bullish.

Here is an updated shot of the gold chart I posted on July 21st.
(Updated chart)

It could take some time for this inverse head-and-shoulders to play out, if that's what it is.  You have time to get onboard. Start making your shopping lists now.

One more chart. I want to show you a chart of gold miners (The GDX) divided by gold (The GLD).  The lower this gets, the cheaper gold miners are. When the line starts to go up, gold miners are getting more expensive compared to gold itself. Guess what's happening now?

(Updated chart)

Here is some news I couldn't squeeze into my Gold & Resource Trader issue today.

Here's one answer: If something rallies on news that is supposed to be bad, that's quite bullish. Also, there are things yet to be revealed which are moving the market now.

1 comment:

  1. It is an interesting post providing important news for the traders.