Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines

GoldSeek Radio: Peter Schiff and Bill Murphy, and Chris Waltzek

A Stunning Silver COT Report: One For the Ages
By: Ed Steer

Chinese Invade Oil Realm: PetroDollar Kill
By: Jim Willie CB

Silver Speculators Go Short Which Is Extremely Bullish
By: John Rubino

Squares, FAANGs, and Stock Valuations
By: John Mauldin

Trade War
By: Gary Tanashian

Proof- Gold Price in USD above $10,000.00!!!!
By: David Morgan

Cracks Now Appearing In The World's Major Oil Industry
By: Steve St. Angelo

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain on the Week While Stocks Drop 6%
By: Chris Mullen, Gold Seeker Report

Gold and Silver Possession Is a Constitutional Right - and a Practical Imperative
By: David Smith


GoldSeek Web

Breakout in Gold and Gold Miners!

 -- Published: Thursday, 13 March 2014 | Print  | Disqus 

By Jordan Roy-Byrne, CMT


Lately weve been writing about why we expected the rebound in precious metals to continue without any serious setbacks. After a major low, sentiment can remain muted for several months even in contrast to the improving market action. Yet, a look at history shows that rebounds from major lows can continue unabated and unscathed for more than a year. The rebound in precious metals thus far appears to be following this script. It has received a further boost with the breakout in Gold yesterday and as of now, the breakout in the gold miners.


First, lets take a look at Gold. The chart below highlights the importance of $1350-$1360 which was major trendline resistance since April 2013 and November 2012. With the breakout past $1360, the next key target is $1420. Gold has weekly resistance at $1400 so keep that in mind as well. If Gold can takeout $1420 convincingly on a weekly basis then it could have legs to $1500. 




Today we have the gold miners, both GDX and GDXJ breaking out of their consolidations. For several weeks both markets held in tight consolidations which appear to bullish flag continuation patterns. GDXs upside target is $31 while GDXJ could reach $53. The 400-day moving averages could intersect with these targets to form strong resistance. 




The gold stock bull analog chart shows that this current recovery in the HUI Gold Bugs Index is very much in-line with historical recoveries. The current recovery is in blue.




Last week we wrote:


It is incredibly difficult to buy at this juncture but, as we noted in our last editorial, the evidence favors doing so. Pullbacks, until we see much larger gains should be brief and should be used as an opportunity. ETFs such as GDX, GDXJ, and GLDX have spent the last 11 days consolidating and digesting gains.


When the market evolves according to your thesis you dont do anything. You sit tight until you decide to take profits or something changes. Considerable near-term upside potential remains in play for the gold stocks. Silver and the silver stocks have lagged in recent weeks but they will perform well if this breakout is sustained as we expect. As the previous chart shows, there is potentially a lot more upside in play for the balance of the year. Be long, sit tight and have an exit strategy (to limit losses) in case things play out differently. If youd be interested in learning about the companies poised to outperform the sector, then we invite you to learn more about our service.


Good Luck!


Jordan Roy-Byrne, CMT

| Digg This Article
 -- Published: Thursday, 13 March 2014 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2017 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of, its affiliates or advertisers. makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.