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What gold mining stocks did so far

New 52-week highs, outperforming gold price

Considering that XAUUSD hit year high of 1303.76 which is just a tad shy of last year’s high of 1307.59, this is a good time to do an update of this story I posted back in March ‘2016 Year of gold mining stocks?

Salient point: I expect a bullish reversal in gold price which will terminate a down trend that started in 2013 and it would be a good idea to look for accompanying move in gold miners. The very specific signal: new 52-week high, a bullish expansion in price which will terminate previous sequence of year-year lower highs and lower lows. Outcome undeniable.

Newmont Mining weekly chart 2013 - present

Newmont Mining weekly chart 2013 – present | Source: Tradingview.com

Barrick Gold weekly chart 2013 - present

Barrick Gold weekly chart 2013 – present | Source: Tradingview.com

Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.

“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.

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2 thoughts on “What gold mining stocks did so far”

  1. Wei Jie PEH says:

    Hi Mr Soh, thanks for the Analysis. Just curious that how would you read the previous month bearish close of gold? Will you put that into consideration before going into a Buy on gold?

    1. Soh Tiong Hum says:

      It really comes back to your strategy and motive. If you are looking at a month to month performance of gold, you might have to wait till end of June to determine if gold is better or worse of. If you are looking at shorter term, a more recent consideration is enough e.g. did gold price expand over last week?

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