I was away all day and evening the 14th. This morning, just taking a quick look, it would appear we’re right on track, and the metals are correcting a bit, after their sharp run-up.
Those that actually rose on volume are… well, just one: RIC
Others that rose, but on light volume: FSM
Then any that fell back on expanding volume: PAAS, AG, AUY, KGC, SLW, GDX
And, any that delined on average or light volume: NGD, EXK, ABX, HL, SA, CDE, AU, AGI, SGDM, HMY, and RGLD
Every indication is that we should only be correcting. Price is in an uptrend. That uptrend has taken price thru their 50-day and 200-day moving averages. Their 50-day moving average has turned up, and has risen thru their 200-day moving average, called the Golden Cross. In each instance, the stock’s 200-day has also turned slightly upward. This completes the Bullish chart picture and pattern.
Now, as these issues correct their recent gains, we can watch them, and should expect them to find price support, as they back off, at levels like their 50-day moving average, or those places from which they previously broke out. That’s what I’ll be looking for, and calling them, as they might attain these levels, to see if they don’t begin to turn.
Of course, little of that is really necessary, as a charting, and a watching of the very price of gold itself is always the determinant that drives the price of these issues one way or the other.
Here’s to accumulating real wealth!
Harold F Crowell