Please try another search
The precious metals sector continues to be a “grind”, offering a few trades but mostly sideways to lower action. Gold prices have slogged along and this had held the Gold Miners ((NYSE:GDX)) back… until recently. The Gold Miners (GDX) and the broader Philadelphia Gold/Silver came to life in September and October.
The miners are in a multi-year down trend, however there is a potential bullish setup in place. See the chart below where we highlight the ratio of the Mining Index (XAU) to the S&P 500 (SPY (NYSE:SPY)). The ratio, which Gold Bugs want to see rising, looks to have created a bullish reversal last month at the 2016 lows at point (1).
And October is seeing a follow-through move to the upside.
If the ratio breaks out above falling resistance at (2), it would be suggesting a long miners / short S&P 500 trade.
Mining Index (XAU) / S&P 500 (SPY) Ratio Chart
This article was first written for See It Markets.com. To see original post CLICK HERE
If you are interested in taking advantage of opportunities in the metals market, check out our Gold, Silver, and Miners weekly report.
The ETF landscape in the U.S. is vast and varied, with the ETF Central screener showing some 3,479 U.S.-listed ETFs as of April 4th.This number is particularly dynamic, as numerous...
As for the economy, the federal government (the Bureau of Economic Analysis) released its third estimate of real gross domestic product (GDP) growth recently at 3.4% (annual rate)...
by Jack FischerDuring LSEG Lipper’s fund-flows week that ended March 27, 2024, investors were overall net redeemers of fund assets (including both conventional funds and...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.