They have been obvious laggards for a while now compared to equities, but gold miners are leading today. Looking at the weekly chart of their ETF below, you can see that last summer’s lows are still holding true. Furthermore, the past two weeks we have seen a couple of bottoming candlesticks. Upside follow-through is key, but stocks like AAU AUY RGLD are still in multi-year bull trends.
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Franco Nevada (FNV)’s weekly is in a relatively tight bull flag holding the 23.6% retracement of the move off the May lows. Easily my favorite chart of the bunch. 54-56 has been strong support. So far, the pullback hasn’t come close to a test of the summer breakout. A close above 60.50 or so would be nice. It has lots of intra-day volatility, but the long term chart is very orderly.
RGLD is a superstar.
Nice call.
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