Precious Metal Miners ready to Rally

Gold miners (both GDXJ and GDX) appear to breaking out of a multi-year falling wedges in very convincing fashion. Should there be a pullback to test the breakout, I imagine I will add to holdings by loading up.

Also (at the bottom), Conoco-Phillips (COP) is hitting multi-decade support as oil is putting in a huge intra-week reversal.

GDXJ:

2016-02-12-GDXJ_CHARTS

GDX:

2016-02-12-GDX_CHARTS

COP:

2016-02-12-COP_CHARTS

The initial S&P reversal failed (my previous post), but it looks like the S&P is trying to put another intra-week reversal on the chart this week. I still suspect the market gets a multi-week rally, but am even more convinced that a  longish term top is in place. I think the downside risk far outweighs the upside potential here over the mid/long term in the broad market.

Good luck trading!

 

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  1. March 4, 2016 at 11:07 am
  2. June 24, 2016 at 2:33 pm

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