Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : The Woodshed -- Ignore unavailable to you. Want to Upgrade?

To: bull_dozer who wrote (60544)	1/6/2023 6:31:26 PM
From: bull_dozer	Read Replies (1) \| Respond to of 60900

Huge Gold-Stock Upleg Likely Adam Hamilton January 6, 2023 The gold miners' stocks entered this young new year strong, surging to a major upside breakout! Their latest upleg already looks powerful technically, with an ideal setup to ultimately grow to huge proportions. After bottoming at exceedingly-oversold stock-panic-grade lows, the gold stocks have blasted higher and are nearing one of their best buy signals. Sector sentiment is shifting bullish with gold also forging higher. The GDX VanEck Gold Miners ETF remains gold stocks' leading benchmark, and it has enjoyed quite a run lately. As of midweek, GDX has soared 41.4% higher over 3.3 months since late September! In this past week, it has rocketed well back above its key 200-day moving average in a decisive major upside breakout. And GDX is on track to flash a powerful Golden Cross buy signal in the next couple weeks or so. That will happen when GDX's faster-moving 50dma crosses back above its slower-moving 200dma from below. Golden crosses are the most bullish when they trigger after deep extremely-oversold multi-year lows. That's when they almost always signal strong accelerating uplegs with a long ways to run higher yet. Lesser golden crosses occur in sideways-drifting consolidating markets not recovering from serious lows. The former is certainly the case with GDX today, after a brutal mid-2022 plunge. The major gold stocks dominating this ETF collectively cratered 46.5% over 5.3 months into late September. GDX bottomed at $21.87, a deep 2.5-year secular lownot seen since the dark heart of March 2020's pandemic-lockdown stock panic! Psychology was overwhelmingly bearish, with traders abandoning gold stocks leaving them for dead. 321gold.com