The following video covers spot gold prices as well as the gold mining sector including some of my top picks as potential long-term trade/investment ideas. As this video is quite lengthy, a brief summary of the items covered can be found in this order:
- About the first 6 minutes discusses the big picture on spot gold prices ($GOLD) with some comments on the mining sector as well.
- Starting at the 6:25 mark, I begin covering the daily & weekly charts of some of the most promising long-term trade candidates in the gold & silver mining sector in the following order: AU, NEM, HL, KGC, IAG, HMY, SSRI, SLW, GG, EGO, PAAS, AEM, AUQ, GOLD, & GFI (note: A couple of these names I discuss the charts but I am not currently very bullish on).
- Starting at the 33:00 minute mark, I cover the 60 minute chart & near-term outlook of GDX. (total video time 36:40 minutes).
The bottom line is that the miners remain in the consolidation range they’ve been in for the last month as do gold & silver prices. Most likely, the miners are waiting for a resolution of the trading range in the metals (i.e.- a confirmed and sustained upside or downside move out of the recent trading range). $GOLD is also precariously close to its long-term secular bull market uptrend line. Therefore, I am watching closely for the possibility of another successful test of that uptrend line although a sustained breakdown below that level would be a bearish technical event that could bring prices down to re-test the mid & late 2013 double-bottom lows. My overall bias in gold, silver & the miners from a long-term perspective remains to the upside for now although I am still not confident enough in the near-term direction to aggressive start adding back the exposure that reduced in my trading account last month. Maybe soon, quite possibly very soon just not yet. In my longer-term accounts I continue to hold exposure to the gold & silver mining sector, allowing for relatively wide stops at this time.