NFTRH Update; Gold Sector Charts of Interest

SLW vs. SLV is hammering out what could be a bottoming pattern and positive divergence.

slw vs. slv

GDX is still hovering above the preferred 14 to 14.50 support area trying to hold the SMA 50 and finding resistance at the EMA 50.

gdx daily chart

GDX-GLD ratio (or HUI-Gold) is trying for a 3rd positive day.  As of now it’s all in the red, GDX, GDXJ, GLD, SLV… but there it is anyway.  Still not reading too much into this because I am just sitting there with a few favored miners and DUST overseeing them for now.

gdx-gld ratio daily chart

One of my favorite miners, Klondex, has just made a US listing (KLDX).  Thank you Joe for the heads up and thank you Fred for your fundamental input over these many months.  As you can see, not all gold miners have been in a bear market.

kldx weekly chart

We noted the degraded sector and macro fundamentals on the short-term yesterday, and we have noted the stock market’s status.  What would start to turn the gold sector positive again – aside from that troubling CoT data – is for regular markets to top out in an implied ‘no’ vote of confidence toward policy makers.  Interesting juncture we are at.

I hope I am not overwhelming you with all the information in the last several updates, both NFTRH+ and regular.  Some subscribers like to have a lot to chew on.  For others I ask you to take what you need and tune out what seems like static.  :-)