Gold Mining & Junior Gold Stocks Approaching Major Resistance
The recent sharp decline in the stock market pulled gold stocks lower. GDX declined 14%, and GDXJ declined 18% in only three weeks.
However, they have started to recover as Gold is now trying to pull away from its correction, which turned into a bullish consolidation.
GDX closed Thursday at $37.29, just below weekly resistance at $38 and $40. It has not made a weekly close above $41 since the end of 2012!
Technically, GDX formed an irregular but potentially bullish cup and handle. The measured upside target would be a minimum of $44, the 2020 high.
GDXJ closed Thursday at $45.11. It has closed above $47.50 for only one week since early 2021. Its potential cup and handle pattern projects above $55.
Before the sharp correction, the miners and juniors had made good progress against Gold.
They have been outperforming Gold since Gold began its breakout move in February. Historically, they reliably outperform after breakouts in Gold.
The GDX to Gold ratio again bounced at its 200-day moving average while the GDXJ to Gold ratio rebounded.
Gold has little technical resistance between $2500 and $2900-$3000.
Because cost pressures are down, miners and juniors will reap the rewards of the next leg in Gold.
Keep an eye out for GDX $40 and GDXJ $47.50. Weekly closes above would trigger additional upside and increasing attention on our sector.
There is still plenty of value and upside potential in high quality juniors. Now is the time to act because it might be too late in the fall.
Source: https://thedailygold.com/gold-mining-junior-gold-stocks-approaching-major-resistance/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Humic & Fulvic Liquid Trace Mineral Complex
HerbAnomic’s Humic and Fulvic Liquid Trace Mineral Complex is a revolutionary new Humic and Fulvic Acid Complex designed to support your body at the cellular level. Our product has been thoroughly tested by an ISO/IEC Certified Lab for toxins and Heavy metals as well as for trace mineral content. We KNOW we have NO lead, arsenic, mercury, aluminum etc. in our Formula.
This Humic & Fulvic Liquid Trace Mineral complex has high trace levels of naturally occurring Humic and Fulvic Acids as well as high trace levels of Zinc, Iron, Magnesium, Molybdenum, Potassium and more. There is a wide range of up to 70 trace minerals which occur naturally in our Complex at varying levels. We Choose to list the 8 substances which occur in higher trace levels on our supplement panel. We don’t claim a high number of minerals as other Humic and Fulvic Supplements do and leave you to guess which elements you’ll be getting.
Order Your Humic Fulvic for Your Family by Clicking on this Link, or the Banner Below.
Our Formula is an exceptional value compared to other Humic Fulvic Minerals because...
It’s OXYGENATED
It Always Tests at 9.5+ pH
Preservative and Chemical Free
Allergen Free
Comes From a Pure, Unpolluted, Organic Source
Is an Excellent Source for Trace Minerals
Is From Whole, Prehisoric Plant Based Origin Material With Ionic Minerals and Constituents
Highly Conductive/Full of Extra Electrons
Is a Full Spectrum Complex
Our Humic and Fulvic Liquid Trace Mineral Complex has Minerals, Amino Acids, Poly Electrolytes, Phytochemicals, Polyphenols, Bioflavonoids and Trace Vitamins included with the Humic and Fulvic Acid. Our Source material is high in these constituents, where other manufacturers use inferior materials.
Try Our Humic and Fulvic Liquid Trace Mineral Complex today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.