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Gold Consolidates, More Upside Ahead

Gold and the miners are consolidating for more gains. Longer cycle projections range from xxxx  to xxxx (subscriber version).

Over the week ended February 28, 24 charts of the 52 mining stocks that I track had at least one buy signal. 46 had at least one sell signal. These are for swings of 3-5 weeks, so it merely suggests a short term correction for most stocks in the sector. Last week’s signals had also suggested a short term correction.

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So far, that’s how it looks. A screen of all 52 stocks in the group on Monday had 9 buy signals and 10 sells, which again suggests consolidation and range trading for the sector.

I rescreened the stocks that had at least one buy signal from last Tuesday through the week, for repeat buy signals on Friday and Monday. There were 4. I inspected those charts but did not feel that their setups were propitious for entry now.

Two picks on the list last week hit their stops and were closed. That will leave us with 6 open selections. All had gains. Including currently open picks and those closed last week the average gain was 8.7% with an average holding period of 24 calendar days. That’s up from 6.9% and average holding period of 19 calendar days the week before.

I’ve adjusted stops on all remaining picks. Charts below (subscriber version)..

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See analysis, table of picks and charts (subscriber version).

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.

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Posted in 3 - Gold Trader
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