As the media start to trumpet headlines like this… Gold’s safe-haven lift fades, leaving weekly retreat intact (MarketWatch) we can see that the herds are being treated to the usual crap; and that is a good thing. The sector has needed to be cleaned out of these seedy characters also known as casino patrons playing news-instigated momentum.
A quick run down of the 29 daily gold miner (plus GDX) charts we review each week in NFTRH. The target for a pullback is HUI 200 +/-. But that is not set in stone and individual stocks will go their own ways.
GDX is trying to find a bit of support at the EMA 20. The equivalent to HUI’s favored pullback level is around 23. As you can see, everybody else is bullish and working their way back toward a test of rising SMA 50s, except for Goldcorpse, which is working its way to a test of its SMA 50 breakout.
KGC continues to be bullish with the rising SMA 50 as support. Holding. AEM is doing good consolidation work, and IAG and NEM are bullish but moving toward a test of the SMA 50. EGO is apparently receiving permits in Greece and the stock ramped up. It may be worth keeping an eye on now.
KL.TO is bullish and still somewhat overbought. Holding. AAU continues to look sneaky bullish to me. Holding. EXN.TO consolidates a big up surge with a cute little bull flag, EDV.TO is on its modest uptrend and PG.TO might want to ease further toward the SMA 50.
KLDX continues to look sneaky bullish to me and I am holding the shares closely. WDO.TO and MOZ.TO… meh. SVM and GSV are similar in testing their moves above the SMA 50. Holding both. I actually own every item on this chart for some reason.
SBB.TO, a bullish robot for so long now, continues to grind along its uptrend, currently consolidating in a bull flag. Holding. CDE… meh. OR.TO consolidates, PVG has not gone bullish and as noted in the previous update, I added AXU back on this pullback; maybe hastily, but I am hedged so it makes buying easier. I have room to add if the sector pullback cuts deeper and the sector view remains positive.
Finally, SSRM is consolidating and I am holding firmly. If you love WPM and just have to own it you are probably buying around here. BTG is kissing the SMA 50 (holding). The overbought SAND could use a little more easing toward the SMA 50 and NGD is consolidating its bullish but overbought situation. Holding.