The Canadian Technician

Gold- Optimistic or pessimistic Check the $BPGDM

Greg Schnell | 

Here is the $BPGDM chart.

This chart shows what percent of gold mining stocks are on a buy signal on a point and figure chart system.

I am not bullish on $GOLD due to the $USD strength.

But the indicators are saying buy the gold miners - or at least trade the index.

$BPGDM 20120112


Well, you can see it flipped the parabolic SARS on the chart today. This would be an entry signal.

If you wanted to do this trade, you could buy the HUG.TO which is an ETF on gold miners. You could also buy the XGD.TO.

Lots of other things to examine, but perhaps this GOLD miners move has legs.

Good Trading,

 

Greg Schnell, CMT

 

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018).
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