Using the GLD proxy here during market hours. HUI-Gold ratio has crossed to a daily uptrend for the first time since June by AROON. That is a sweet looking higher low 'W', bullish divergence and throwing in old friend the Williams %R for good measure. It has crossed above -50 which is trend bullish. If the miners clear the noted resistance relative to gold, there should be an a$$ launch soon to come. Beware of a pullback, consolidation, buying opportunity (whatever you want to call it) first however. Or will the gold miners simply keep on going without pause? I doubt it but there are a lot of observers wondering that very thing.
HAVE PATIENCE!
Related Stories
The above story is the opinion of the author only and it does not reflect
iStockAnalyst opinion. Further, the author is not personally advising you
regarding the suitability of the story for your investment needs. In no event
iStockAnalyst will be liable for any loss or damage including without
limitation, indirect or consequential loss or damage, or any loss or damage
whatsoever arising from or arising out of, or in connection with the use of this
information. Please consult your investment advisor before making any investment
decision.
