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Point & Go Figure


Here's a little nugget for you.


Below are some charts that caught my eye over the weekend as well as some requested by Minyans. If you would like a chart reviewed click here.

All charts courtesy Dorsey Wright & Associates. I have added text and illustrations to the charts where necessary.

More than a few Minyans have pinged me and asked to see how gold looks on the charts. Below are short and long-term views of London Gold, the XAU, Newmont Mining (NEM), and Barrick Gold (ABX). While not intended as advice, longer-term I view gold as bullish, but I am not yet convinced the recent upward movement is bullish. What would change my mind? The levels on the charts outlined below.

Once gold and gold shares move through these levels, I would have to conclude the context has changed to positive. Until then, however, I view the recent moves in gold and gold-related shares as counter to the near-term trend. The long-term secular trend for the metal remains positive, but many of the gold stocks have either not yet confirmed the underlying metal's move, or have not participated fully in the recent rally.

London Gold

PHLX Gold/ Silver Sector (XAU) (Short-term)

PHLX Gold/ Silver Sector (XAU) (Long-term)

Newmont Mining (NEM) (Short-term)

Newmont Mining (NEM) (Long-term)

Barrick Gold (ABX)

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Position in gold.

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