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.
Pocket Pivot Review - Gold Miners AEM, AU, NEM, RGLD - January 3, 2023
|Published:||3 Jan 2023 19:41 ET|
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