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Markets by Mike Paulenoff 12/6 - The Gold Miners Continue to Out-Perform the Major Indices

Thursday December 6th, 2018
by Mike Paulenoff

ABX (GDX)-- For any of us beleaguered fans of the Gold Mining Sector, it is both shocking and encouraging that ABX continues to outperfom the major market indices and ETFs. We have become so conditioned to bashing of the gold miners any and every time the major indices sell off, and conversely, we are also conditioned to gold miner under-performance when the major indices are ripping to the upside.

The attached chart hints that ABX is nearing the completion of an Oct.-Dec. high level bullish digestion period prior to launching into a new upleg that extends the bull phase off of the Sep. low at 9.53 through resistance at 13.60-13.80 in route to 15.59016.00 initially.

Perhaps finally, the Gold Miners will regain some respect and some traction within a larger, treacherous, uncertain, and increasingly chaotic eco-political environment that at some point will put a premium on precious, hard assets. Our Model Portfolio is long ABX at 13.02 from 11/16/18... Last is 13.41/42


Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

*  I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com  *

Tiger's Take:  "I am really not sure what to make of this, but posting for my readers."


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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