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Gold Boring trading ranges are often long term bullish. But this is gold. Cycles remain mixed with still no sign of an imminent breakout from the trading range. Short term, the most likely direction is xxxx xx xxxxx (in subscriber version).
On the very long term monthly chart, gold nears the end of December at a critical trend area around 1790. If it ends January below that, it’s in danger of falling into the xxxx xxxxx (in subscriber version).
HUI – HUI remains locked in a range with no sign of an imminent breakout. A 13 week cycle up phase is flat and is ideally due to last xxxx xx xxxxx (in subscriber version). There’s no sign that longer cycles will xxxx xx xxxxx (in subscriber version). A 10-12 month cycle high is ideally due between xxxx xx xxxxx. If there’s no upside breakout before that, the rest of the year would set up xxxx xx xxxxx. On the long term weekly chart HUI is holding precariously at the 6 month cycle MA. xxxx xx xxxxx are the parameters to watch this week for signs of big trouble.
On the ultra long term monthly chart HUI remains entrenched in a 16 month downtrend. Ultra long term momentum remains precariously neutral. If HUI ends December below xxxx (in subscriber version) the target could be xxxx–xxxx in the first quarter of 2022. Even if above xxxx, it would still face major resistance in the xxxx range. It would need to break that to end the downtrend.
Chart Picks – Two weeks ago, we added 3 picks to the list, and they’ve done ok as shown in the table below.
Today, there were 4 buys and 31 sells from the swing trade screens of 52 gold mining stocks from Monday’s action. The rest had no signal. The big edge to the sell side isn’t a good sign. Even the 4 charts with buy signals weren’t inspiring. So I added no new picks.
Because of the weakness in the screening data and the fact that most stocks remain in longer term downtrends. I’ve added tight stops to the existing picks.
Picks closed out over in November-December had an average gain of 10% on an average holding period of 46 calendar days.
See table and charts (subscriber version).
Subscribers, click here to download the report.
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.
