Weak short term cycle up phases are in danger of early breakdowns The 13 week cycle is due to remain in a down phase for xxxx (in subscriber version), with a projection of xxxx (in subscriber version). A breakdown below xxxx would be a bearish sign as it would complete a head and shoulders top pattern with a measured move target of around 1650.
Gold begins December below a couple of key trendlines on the monthly chart. It would need to end the month comfortably above xxxx to reduce the risk of another slide that could carry into the xxxxx. Conversely, if it ends the month above xxxx, that would be a bullish sign.
As for the mining stocks, The short cycle up phase is in danger of an early breakdown, as the 13 week cycle down phase targets xxxx – xxx (in subscriber version).
There are 13 buys and 3 sells from the swing trade screens of 52 gold mining stocks from Tuesday’s action. The rest had no signal. I looked at the charts, and, once again, these buy signals did not impress me as anything more than a dead cat bounce that would probably fizzle out. I decided to wait for better setups before re-entering. This may require some patience.
The last remaining pick from the most recent group hit its stop over the past week and was closed as of the stop price with a loss of 4.4%. Previous picks closed out over the past month had an average gain of 13.4% on an average holding period of 48 calendar days.
The strategy and tactics suggestions in this report are for informational and entertainment purposes, and illustrative of one approach. Nothing in this report is meant as personalized investment advice and you should not construe it as such. No representation is made that it is the best approach, will be profitable, or suitable for you.