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Pocket Pivot Review - Gold Miners AEM, AU, NEM, RGLD - January 3, 2023

We have emphasized in our weekly Focus List Review reports the constructive action we continue to see in the precious metals space. Not only have gold and silver made higher highs since the September/October lows, but we saw strong action in several gold miners today. Note that gold futures posted a pocket pivot breakout today as $GOLD looks to gain ground on $SILVER which has been the leader between the two metals off the September/October lows. Silver stalled today but remains above the $24/ounce level while gold broke out on a pocket pivot move.
The stronger action in gold was evident in relatively stronger action among gold miners, including pocket pivot breakouts in Agnico-Eagle Mines (AEM), AngloGold-Ashanti (AU)Newmont Corp. (NEM), and Royal Gold (RGLD). While we do not necessarily like to chase strong action in anything in this market, what we do note is that this demonstrates relative strength in the precious metals space and therefore confirms the thesis that these names have been buyable on low-volume pullbacks into moving average support as was the case with all four of these names last Friday.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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