Professor’s Comments Update on Gold – 2/12/21
Posted by OMS at February 12th, 2021
Students should note that the ST Volume Indicator on GLD turned negative yesterday, with the momentum indicator already negative.
The last time this happened was back on 17 November 2020.
The three weakest mining stocks on 17 November were (in order) AU, WPM, and ABX.
Six trading days later, AU dropped from 23.07 to 20.15; WPM fell from 44.42 to 38.55;
and ABX fell from 33.2 to 28.84.
Yesterday, the top four weakest mining stocks were: #1 SG, #3 CDE, #11 WPM, and #21 ABX.
If Gold (the metal) is starting its next wave down, it should break below the 4 February low of 1,785 and move toward the 1,700 level or below.
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None of the stocks listed above are recommendations as shorts. I don’t make recommendations. But I do trade what I see based on the indicators and my Lists.
Not sure of the terminology we use? Check out these articles
The Hockey Stick Pattern
The Creation of Waves and Trends
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Category: Professor's Comments