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