The subscriber daily blog includes a chart of GDX with a note that I am watching the bull flag that is not yet broken to the upside. Here let’s take a look at gold, silver and HUI.
Gold is still toiling beneath resistance but is in its third day of flag breakout mode, above the 50 day average. Not bad.
Silver, which we noted in NFTRH 933 to have a really nice CoT structure, is also on its third day in flag breakout mode above the SMA 50. But like gold, still below clear resistance.
The Silver/Gold ratio is interesting in that it has popped back above the broken (dashed) trend line and is chewing on resistance. Very much worth keeping an eye on because if the SGR goes, precious metals and commodities are likely to join the stonk market bull fest.
Unlike GDX, the HUI Gold Bugs index has taken out the bull flag’s upper line. At least in-day.
All in all, the complex is making some positive technical signs to go with the positive internals we have been noting for gold stocks. Follow-through needed.
