The enclosed chart was completed a few days ago and prices have moved up according to projections so far.
We can see the initial gap started to fill today which is positive.
Now the question is this - can we get follow through tomorrow after Bernanke speaks?
Neutral comments from Bernanke or discussion about additional QE would encourage the gold miners to fill the initial gap and beyond, in my view.
Talk of tapering bond buying could cause today's breakout to fail and see the miners fill the gap below in the 24 zone.
At this point, I lean slightly bullish given the long consolidation miners have endured and recent bullish movements in both physical gold prices and the larger miners.
Top of the morning to you PW. Take a look at
ReplyDeleteMCP...
http://www.marketwatch.com/investing/stock/mcp
You may have something there Bill.
ReplyDeleteI have quietly watched Molycorp for some time now. With the moving averages now aligning toward the upside we could see some impressive action.
This stock is not for the faint of heart, as it can be wildly volatile!