Last Updated :
11 August 2009 at 15:30 IST
Gold mining stocks are going up
Parallel with the DOW, DAX, most of the stock markets & Gold, the HUI gold mining stocks have gone up as well during the last couple of weeks.
So far at 380 points the rally ended last Tuesday. Since then the HUI is slowly moving down. A failure of support around 360-365 would be a sell signal.
Until now the buy signal created by the MACD in early July is still in play. The upper Bollinger Band (US$383,95) makes higher prices in the coming week possible. The flat 50d MA (351,56) and the rising 200d MA Tagelinie (297,32) are running parallel like they do on the gold chart. Everything looks nice.
But the HUI did not confirm the last high in the Goldmarket on Thursday which is a clear warning sign. Most of the time the gold mining stocks are running ahead of gold itself.
As well I have to remember you again that gold mining stocks are moving parallel with the broad stock market. If we see a strong sell off in the stock market this autumn the HUI will be beaten down too. But in that case we will have a great buying opportunity.
NCDEX POTATOFAQJUL12 20 July 2012
contract was trading at
Rs 0 . What's your view on it?
After reading this article, people also read:
