Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

The Precious Metals Bears' Fear of Fridays
By: Dimitri Speck

The Lemmings are Heading Towards the Cliff...Again
By: Gary Savage

28 Reasons to Buy Physical Gold
By: BullionStar

Is This Gold Rally The Start Of Something Big?
By: Avi Gilburt

GoldSeek Radio Nugget: Peter Grandich and Chris Waltzek
By: radio.GoldSeek.com

GoldSeek Radio Nugget: Andy Schectman and Chris Waltzek
By: radio.GoldSeek.com

Keeping Your Cryptos Safe From Crooks
By: Avi Gilburt with Ryan Wilday

Buy Gold As Fed Shows Uncertainty And Concern Over Financial ‘Imbalances’
By: GoldCore

Gold Seeker Closing Report: Gold and Silver Gain About 1%
By: Chris Mullen, Gold Seeker Report

Northern Vertex Files Preliminary Economic Assessment Report for the Moss Gold Mine in NW Arizona
By: Northern Vertex Mining Corp.

 
Search

GoldSeek Web

 
Gold Miners Consolidate and Hold Support


 -- Published: Friday, 29 August 2014 | Print  | Disqus 

By Jordan Roy-Byrne, CMT

 

Precious metals miners have successfully digested their sharp gains from early summer. The miners have continued to hold above key retracements as well as 200-day moving averages that are now sloping up. The miners, despite some fear from market participants remain in position for a September breakout to the upside.

 

Below is a weekly candle plot showing GDXJ, GDX and GLDX. Each index has held most of its gains and is holding well above the moving average which is now sloping up. While GLDX is holding above the 50% retracement of recent gains, both GDX and GDXJ are holding above the 38% retracement of their recent gains. Moreover, note how GDXJ has formed large tails during three of the five negative weeks. That signals weakness is being bought.    

 

 

 

Meanwhile, Gold remains in a listless, trendless state. Volatility indicators are at multi-year lows while open interest is down 46% and recently touched a five year low. These conditions can lead to big moves but not always and not immediately. The price action of Gold suggests that a big move is not necessarily imminent. In any event, Gold is likely to follow the direction of the miners. If the miners breakout in September, it is reasonable to assume that Gold will climb upwards and eventually above $1400.

 

 

 

There have been quite a few reasons to worry about the miners. The US Dollar is rallying. Commodities have plunged in recent months. The COT for Gold and Silver looks bearish. Gold has not put in an “official” bottom (according to some). Moreover, the miners were up substantially since the start of the year, providing an excellent opportunity to take profits. Yet, despite all these negatives the miners have held support and digested their gains in bullish fashion. That in itself shows strength and perhaps signals the transition from bear to bull.

 

September, a month of breakdowns and breakouts (as we previously mentioned) now awaits us. We are positioned for the breakout. The evidence favors the bulls. If something changes then we will review the situation. If we get the breakout then the key for us speculators and investors will be company selection. We invite you to learn more about our premium service in which we highlight the best junior companies and manage a real portfolio for subscribers benefit.   

 

Good Luck!

 

Jordan Roy-Byrne, CMT

Jordan@TheDailyGold.com

 


| Digg This Article
 -- Published: Friday, 29 August 2014 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com 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 GoldSeek.com. 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 GoldSeek.com, its affiliates or advertisers. GoldSeek.com 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 GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.