Shining Metal Play Part 2

This is a follow up post to Shining Metal Play Golden Star Resources (GSS) has reached its implied small double bottom target and is now seeing some profit taking. An 8 months rounding or saucer-like pattern is now  in play.  Neck line is at 0.85 and implied target is $1.25.



Will Palladium & Platinum Follow Gold & Silver?

As you already know, both Gold & Silver have broken out of their consolidation patterns, but what about the other less talked about metals; Palladium & Platinum ?

Palladium is currently consolidating in a 4 months contracting triangle, which way the breakout will occur is still vague, so keep 765 & 685 levels on your watch list


Platinum is also trading in a triangle for the last 6 months, but what is interesting is the incomplete Head & Shoulders bottom that is forming inside which gives indication that a breakout to the upside is much more likely. Watch 1480 level.


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Metal Vs Miners

Silver Miners (SIL) broke out a 2 months Head & Shoulders bottom in mid January signaling that a reversal of trend was in place. Problem is Silver metal (SLV) did not confirm the pattern or the reversal in that case, instead the metal continues to trade in a tight range rectangle. A continued drop in equities in general plus a breakdown of Silver from its rectangle could spell trouble for SIL. A further sign of weakness is the throwback of SIL to test the H&S bottom neckline at 11.80.

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Juniors Out Of The Box

Junior Gold Miners (GDXJ) 2013 performance was -61% compared to Gold Miners (GDX) -54% & Gold (IAU) -29%. So GDXJ is clearly the hated ETF plunging twice the percentage of Gold.

Today (GDXJ) completed a 1 month consolidation rectangle box by breaking over 31.25 barrier with a gap.  If this is the bottom, then initial target is $33.50. A gap fill is also possible.

Want a 3X Bullish leveraged ETF for Junior Miners? Go for (JNUG) !


Gold Stocks Outshining Gold

After Gold touched a new low yesterday at least in (GLD) Etf, i thought of looking at which gold stocks are not registering new lows and are outperforming the yellow metal. I filtered gold stocks according to top 5 highest market cap and 2 stock stood out: Barrick Gold (ABX) & Franco Nevada (FNV)


Time To Accumulate Mining Stocks?

Mining stocks, along with Gold & Silver have been on a downward spiral lately and the reason I have not touched them is that there was no pattern to trade. Lately I have been watching the sector and one silver stock stands out having a decent Head & Shoulders bottom although slanting downwards. As shown below CDE is completing a 3-months H&S bottom with neckline at 14.64. A decisive close above the neck would trigger a possible target of 17.60. Check out this interesting link on mining stocks

silver, cde, mining, Coeur

CDE Daily