Rally Time in the Gold Stocks

Rally Time in the Gold Stocks kitconews gold silver economics investing metals mining finance

However, selling pressure has waned since the end of June. The daily candles have been mild, suggesting less and less distribution.

The last three days mark three consecutive days of accumulation candles for the first time in months.We plot GDXJ below along with our custom indicators. Each of the three indicators has hit the most extreme level in over seven years. GDXJ is the most oversold it has been since the end of 2014.In re-assessing support levels in the gold stocks , I came up with the following.The path of least resistance for the gold stocks in the short-term is higher.

Whether this rebound will be sustainable will depend on the market's view of Fed policy. If the market anticipates the Fed hiking past September several weeks from now, then this rally will be sold. However, if there is a growing belief that July or September is the last hike, this rally could be the start of something big.

I continue to focus on finding high-quality juniors with at least 5 to 7 bagger potential over the next few years. To learn the stocks we own and intend to buy, with at least 5x upside potential after this correction, consider learning more about our premium service.Follow @KitcoNewsNOW Jordan@TheDailyGold.com www.thedailygold.com

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