While there is growing concern for a correction in Gold and gold stocks, the evidence is lacking. The GDX advance decline line signaled a breadth thrust for only the third time in the last 11 years. After the other two thrusts, GDX gained another 20% and 60%. A breadth thrust is a burst of extremely strong participation after a bear market, correction or larger downtrend.
Other breadth indicators, such as the percentage of stocks above the 200-day moving average and new 52-week highs show the gold stocks have room to run before they get too overbought. Strong breadth is a very bullish signal when it first occurs. After it persists for a while, the market is at risk for pausing or moving lower.
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7 Comments
Jordan how are we bullish on gold?. We are reaching Huge resistance at 2075 , by short term is that a day or 2 ?
So depressing, I'm still down on my gold and silver miner positions
Ooo, Ooo, do an updated analog chart of where the bull in miners stands compared to past bull markets.
Outstanding video Jordan!
Great alpha
Makes sense. Nobody is even talking about gold and and gold stocks in the media. 15-20% is realistic.
Also previous breakouts over 2000 were very short and there was a large immediate pullback. This breakout seems to hold longer.
Thank you Jordan 👍