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Gold has broken out of a 5 month base, with a measuring implication of xxxx-xxxx (subscriber version). There’s resistance at xxxx but cycle projections now point to the xxxx-xxx range.
The HUI mining stock index has broken out of a reverse head and shoulders bottom. The upsloping neckline results in a measured move target of xxxx (subscriber version). There’s not enough data for a 10-12 month cycle projection yet, but if these gains stick, the implied projection would be at least xxxx-xxx .
Today, there are 2 buys and 6 sells from the swing trade screens of 52 gold mining stocks. This followed a flood of buy signals the week before. That suggested the possible onset of a new upleg. Now we’re in the momentum follow-through stage after the initial surge of buy signals.
Current open picks and one that was sold last week, had an average gain of +21% with an average holding period of 34 calendar days. That compared with +16.3% and an average holding period of 37 calendar days the week before.
I didn’t see any charts I wanted to add this week. I will stick with the ones that “brung us,” with no stops. I’ll close them out of the list when their charts turn less favorable. For now, I give the benefit of the doubt to the upside.
See table and charts (subscriber version).
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