The Gold and Silver Miners continue to improve in potential Stage 1 base structures as the US Dollar Index struggles to regain its 30 week MA, after the dramatic collapse into early Stage 3 three weeks ago, which boosted the precious metals, that the majority of the time move inversely to the Dollar Index.
Therefore, if the Dollar struggles to rebound in early Stage 3, then it could be a further tailwind for the precious metals miners to breakout into early Stage 2. Which a few highlighted in the watchlist over the last month or so, have already started to do. But most are early breakout attempts and so the technicals haven't quite caught up with some of the moves, as the majority breaking out still have declining 30 week MAs. Which is No.4 in Stan's Don't Commandments in the book for an investor. But traders on the other hand have been able to play the move since they started to move into Stage 4B-, and then develop further into Stage 1, which many are in currently, like the GDX chart highlighted above.
US Stocks Watchlist – 22 November 2022
There were 40 stocks highlighted for the US stocks watchlist today
OR, SIL, A, DKS + 36 more...
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.