Feb 28, 2017
- In terms of technical analysis, gold stocks recently reached what I call a “Need to Bleed” price area.
- Please click here now. Double-click to enlarge this important GDX daily chart.
- A very large inverse head and shoulders bottom pattern is in the late stages of forming, and this is great news for gold stock enthusiasts around the world.
- Most technical chart patterns are quite small and they tend to fail. This one is bigger, and it has a very aesthetic look.
- The price target of this impressive pattern is the $30 - $32 area. That represents a substantial percentage gain for investors, if it plays out.
- I’m a GDX buyer this morning, both for myself and for the funds I manage.
- Please click here now. Gold bullion is displaying very solid price action. Following a likely pullback to $1245, my next technical upside target is $1275.
- Should gold experience a deeper pullback ahead of the US debt ceiling deadline and FOMC meeting on March 15, investors should be eager buyers at $1220.
- Gold is the world’s ultimate asset. It continues to be very well supported by the price action of the “risk-on” US dollar against other key fiat currencies.