Gold, Silver, and Precious Metal Miners: New Bull Markets Forming?
Gold and silver remain in a downtrend and crude oil is giving mixed signals, but the stock market overall remains in an uptrend.
However, in the last six months, gold has started to show signs that a new bull market may be starting. 2013 is starting to look as though gold, silver, and precious metals miners could lead the market higher if they can break out of their basing patterns. Until we get more bullish price action I am not planning to get long.
Take a look at the gold ETF and gold miner charts.
These daily charts show the trend (up/down) along with short term extreme overbought/oversold trading days. The key to long term success is to trade with the trend 90% of the time. Only with years of experience will you know when it's OK to break the rules -- and even then the odds are stacked against you.
Gold Weekly Chart
Gold Daily Chart
Gold Miners Daily Chart
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