Despite all the sound and fury and the bears’ supreme hubris this week, GDX remains within its major new uptrend that was born almost 9 months ago in late December 2013! Gold-stock prices are near support and look to be bottoming at another higher low. We’ve seen gradual and sustained buying of gold stocks by smart investors all year long despite the fierce headwinds from the Fed’s stock-market levitation.
GDX’s 200-day moving average, which usually signals the long-term trend direction, continues to move higher after reversing several months ago. And GDX’s 50dma crossed back above its 200dma twice this year, confirming gold stocks’ Golden Cross buy signal. There is literally nothing bearish about this chart, it is actually powerfully bullish for a young upleg. Gold stocks continue to advance on balance technically.
Long-term investors look to major downside fundamental-pricing anomalies to buy low. But short-term speculators look at trends and support approaches. And GDX’s chart clearly shows gold stocks are at their third best buying point since their decisive reversal late last year. Buying when prices near support in strong uptrends is one of the best ways to make money in trading.
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