Wednesday, June 29, 2016
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
8,862 Blog Posts

Now I Ain’t Saying to be a Gold Digger, But…

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The miners might be trying to carve out a major bottom here. For months, I had profiled the bearish price action, despite steadfast gold bugs hoping to bottom-fish with success. Recently, the GDXJ, ETF for the junior gold miners, printed a weekly hammer candle with upside confirmation. The overall trend is still lower, so there is much work to be done in order for the group as a whole to reverse course. Nonetheless, I suggest watching the likes of AUY and BAA closely as they have been improving and are now viable setups.

Members of The PPT and 12631 can click here for my “12631 MARK TWAIN’S LIARS” screen, showing which miners have the highest score according to The PPT proprietary algorithm for Relative Strength.

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2 comments

  1. Hawaiifive0

    We’re on day 9 of the 18 to 28 day cycle. It should start heading for the bottom soon.

  2. Dirk Diggler

    Ducreux knows what’s up