I know that this may immediately appear to not be connected to gold, however the chart link I am posting below of NEM is IMO a very sober reminder of the future direction of not gold stocks but gold itself
(it is not a reco to buy NEM as I DO NOT reco individual stock and never will)
It is well documented that when gold stocks begin to lead the gold price is when they post their biggest gains.
The chart of NEM is about as bullish a chart as I have ever seen.
I in point form:
1) Just had a 50/200 week MA cross-over
2)RSI positive and turning up
3)Stochastic turning up from deeply oversold levels thus providing huge amount of momentum for the next up leg
4)A huge wave up from the late '08 bottom to form a double-top and the next wave up should be longer in terms of price and stronger
5)A mere few dollars away from breaking that double-top and as I said previously, a huge amount of momentum in the tank.
6) A target in the high $80's minimum and likely well over $100 if the first wave up is exceeded which it probably will be
I could go on but I think you get the picture.
NEM is a good proxy for ALL gold shares and for gold. Not only will the majors explode, but the mid tier and in particular the juniors are going to hit levels that will blow peoples minds.
http://stockcharts.com/h-sc/ui?s=NEM&p=W&b=5&g=0&id=p17094477388
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- ASX - By Stock
- GOLD
- have a look at this chart set-up
have a look at this chart set-up
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