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

GoldSeek Radio Nugget: Louis Navellier and Chris Waltzek
By: radio.GoldSeek.com

For Americans Buying Gold and Silver: Still a Big U.S. Pricing Advantage
By: David Smith

Itís Time To Build The Launching Pad
By: Avi Gilburt

Human Nature Never Changes
By: Gary Savage

Ira Epstein's Metals Video 1 18 2018
By: Ira Epstein

Gold Bullion May Have Room to Run As Chinese New Year Looms
By: GoldCore

Gold Seeker Closing Report: Gold and Silver Edge Lower in Late Trade
By: Chris Mullen, Gold Seeker Report

New York Fed official celebrates a century of market rigging
By: Chris Powell

COMEX Open Interest Data Suggests Another Gold Price Slam Imminent
By: Craig Hemke

Sell Bitcoin - Buy Tulip Bulbs!
By: Clive Maund

 
Search

GoldSeek Web

 
Gold Stocks Reverse at Resistance Targets


 -- Published: Sunday, 6 March 2016 | Print  | Disqus 

Two weeks ago, regarding the miners we wrote:

If it (GDXJ) surpasses its 80-week moving average then its next target is $27-$28. Meanwhile, GDX is holding above previous resistance at $18. Its next strong resistance targets are $21 and $22.

Earlier today GDX and GDXJ came within pennies of $21 and $29 respectively while Gold touched $1280 before reversing. While Gold and gold stocks could continue a bit higher, their rebound may have ended Friday morning.

A weekly candle chart of GDXJ and GDX is below. The miners over the past six weeks have formed six white candles and taken out their 80-week moving averages, which contained the strongest rallies during the bear market. However, the miners formed a nasty reversal on Friday after touching resistance earlier in the day. The miners could, at the least, test their 80-week moving averages which are now support.   

mar42016minersw

GDXJ, GDX Weekly Candles

The recent rebound was similar to that from the October 2008 lows. Then, GDX rebounded 69% (from low tick to high tick) in five weeks while over the past six weeks GDX surged 68%. Then, GDX corrected 20%. GDX also corrected 29% during that rebound. In recent weeks GDX has not corrected more than 10%. It would not be unreasonable for GDX to correct 20% or even 25% from Fridayís high.

Meanwhile, Gold reversed course after reaching a confluence of resistance which includes the 40-month moving average. There remains a small chance that Gold could test $1300/oz before correcting. Gold has support at $1240/oz and $1200/oz.

 
Mar42016Goldm

The bearish reversal at resistance coupled with history makes a strong argument that gold stocks could correct recent gains in the days and weeks ahead. A 20% decline would be normal and reasonable given the context. For those of us waiting for a correction, it could be coming. The month of March may provide the best buying opportunity in the miners since December 2015. Consider learning more about our premium service including our favorite junior miners which we expect to outperform in 2016.

By Jordan Roy-Byrne, CMT

Jordan@TheDailyGold.com


| Digg This Article
 -- Published: Sunday, 6 March 2016 | 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.