The Gold stocks have been rallying this week. Gold sits about $20 below 52 week highs. Newmont (NEM) looks like it is changing direction by breaking the down trend. Notice the Relative Strength line is making new 5-month highs. The SCTR is also breaking out. The MACD is just turning up so there is lots of room above here.
The Commodities Countdown also covers off numerous reasons why the precious metals looks good here.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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