Gold Miners Index trend following update 9_03_19

Sept. 03, 2019 After the open of the cash market, The Gold Miners Index (GDM) (GDX) after a 3 week consolidation, is doing another Weekly (lookback) breakout. The Index is trading way in excess of a 20% annualized rate of return over a 200 day moving average.

Gold Miners Index (GDM) 26 weeks weekly

Trend following Gold update

gold trend continues

This is pure trend following. After a major breakout, we are next looking at Gold (GC) S/R (Support and Resistance Price Reversals) to indicate a continuation of the Bull run. Gold, on a long term basis, has been outperforming the S&P 500 Index since early May.

So next, have two S/Rs to look at. One is a relatively minor Weekly S/R, and, then a Major Monthly S/R. These two levels are $1,434 and %1,529.

1: Stock Chart of the gold S/R at $1,434:

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2: Stock chart of the gold S/R at $1.528:

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Trend following The Gold Miners Index

On a long term basis, Gold mining stocks, US Treasury Bonds, and gold,  are outperforming The S&P 500 Index. As usual, the reporters on bubblevision aren’t covering this. Instead they have OCD over the latest gimmick from “the social network”.

We can see on the Gold Miners Index (GDM) (GDX) chart, Weekly lookbacks, major S/R (Support and Resistance price reversal) from February, at the $662.10. To continue Bullish, we want to see it close over, on a Weekly and Monthly basis.

Stock chart of the Gold Miners Index (GDM):

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