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Short term cycles are due for pullbacks or consolidations while the 13-17 week cycle remains in an up phase. Its projection has risen slightly to xxxx (subscriber version). Unfortunately however, the 9-12 month cycle indicators are weakening again, which doesn’t bode well for this up phase. The uncertainty will persist for as long as gold remains locked in the xxxx-xxxx range(subscriber version).
The depth of last week’s pullback leaves the strength of the 6 month cycle up phase in the mining stock index in doubt. The chart shows the parameters we need to watch (subscriber version)..
Today, there are 7 buys and 1 sell from the swing trade screens of 52 gold mining stocks. This is an uptick after 3 weeks of more short term sell than buy signals, but it’s not broad enough to signal a new upleg.
Current open picks have an average gain of 14.2% and an average holding period of 32 calendar days. I plan on letting these ride through the consolidation phase with the exception of xxxx, which has broken signal lines in the wake of xxxx xxxxx (subscriber version).. . I’ll let it ride as long as it stays above the stop, but if the stop is hit, I’ll remove it.
None of the new buy signals were compelling, therefore no new picks this week.
See table and charts (subscriber version).
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