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Gold Cycle Projections Hold Good News

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There’s a lot of good news in the cycle projections table (subscriber version). Cycles are in gear to the upside and projections point higher. Now those projections just need to come to fruition. A breakout through xxxx (subscriber version)  should get the ball rolling uphill. Failure to do so within the next couple of weeks would not be good.

Gold made a little progress over the past week but it still needs to clear xxxx (subscriber version) to break out of the trading range. That would essentially end the risk that this year-long consolidation would break down and lead to another downleg in a bear market. Until that upside breakout, the outlook would continue to hold that risk.

On the long term chart of the gold stock index, the neckline of a potential reverse head and shoulders bottom is now at xxxx (subscriber version). Clearing that would be bullish. Failing, and subsequently falling back under xxxx (subscriber version), would be bearish.

Today, there are 24 buys and 2 sells from the swing trade screens of 52 gold mining stocks. This is a big departure from the small numbers of signals in recent weeks, suggesting the possible onset of a new upleg. I expected to see some charts with good setups but I found only two that I liked enough to add to the list, xxxx  and xxxx (subscriber version). The rest were still below big resistance.

Current open picks and one that was stopped out last week, had an average gain of 16.3% and an average holding period of 37 calendar days.  I will drop (xxxx) as of the opening price on Tuesday and track the two new picks also as of the opening price on Tuesday.

See table and charts (subscriber version).

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Posted in 3 - Gold Trader
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