The bears have found a new home: gold mining stocks.
Silver’s breakdown earlier this month raised the caution flag for the entire precious metals space.
Less than two weeks later, gold futures and mining stocks are falling under the wrath of increased selling pressure. Precious metals bears are winning the battle as support levels fall to the wayside.
Meanwhile, the bulls are reluctant to leave without a fight…
Let’s review the recent action in mining stocks.
While I always prefer a price chart, I also like Grant’s moving average tables.
He measures the closing prices of all 30 components of the PHLX Gold and Silver Mining Index $XAU against (above or below) multiple moving averages, from five days at the far left of the table to 250 days at the far right.
This provides an excellent read on trends across multiple timeframes.
From the Desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts
Our Hall of Famers list is composed of the 150 largest US-based stocks.
These stocks range from the mega-cap growth behemoths like Apple and Microsoft – with market caps in excess of $2T – to some of the new-age large-cap disruptors such as Moderna, Square, and Snap.
It has all the big names and more.
It doesn’t include ADRs or any stock not domiciled in the US. But don’t worry; we developed a separate universe for that. You can click here to check it out.
The Hall of Famers is simple.
We take our list of 150 names and then apply our technical filters so the strongest stocks with the most momentum rise to the top.
Let’s dive right in and check out what these big boys are up to.
Buyers were hammering a key retracement level from below. The way I learned it, "The more times a level is tested, the higher the likelihood it breaks."
Three months later…
The July contract is knocking on the door – again!
How polite.
Check out July cotton nearing the January 2022 closing high of 88.34:
