• 376 days Will The ECB Continue To Hike Rates?
  • 376 days Forbes: Aramco Remains Largest Company In The Middle East
  • 378 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 778 days Could Crypto Overtake Traditional Investment?
  • 782 days Americans Still Quitting Jobs At Record Pace
  • 784 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 788 days Is The Dollar Too Strong?
  • 788 days Big Tech Disappoints Investors on Earnings Calls
  • 789 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 790 days China Is Quietly Trying To Distance Itself From Russia
  • 791 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 795 days Crypto Investors Won Big In 2021
  • 795 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 796 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 798 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 798 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 802 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 803 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 803 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 805 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

To Da Moon!? Not so Fast...

As noted in the previous update, the HUI sported a possible H&S bottom. With the impulsive feel to the break of the neckline, it appears Huey will now look to fulfill the pattern to at least the 210 level. Uncle Buck is trying to get comfortable in his new bullish suit, and with more and more of the herd buying the story, is ripe for a good correction. The yellow metal itself is strong as well and the Euro is due for some relief of its relentless dump.

The miners led gold's move by 2-3 weeks, and the dollar's move (if indeed this is the start of a dollar correction) by a month. So, rather than jumping perma-bullishly into the gold stock story, one might do well to trade (while holding any core positions deemed long term investments) the move. If HUI blows out 210 in an authoritative manner, we will have something else going on here. But for now, remember that you earned these profits and that this remains a tough and grinding market.

Chart courtesy of stockcharts.com


Back to homepage

Leave a comment

Leave a comment