Let’s follow up on the Shiny Metals! $GDX – November 8, 2022GDX FNV GOLD WPM SLV
This is Scott with your Chart of the Day. I want to follow up on the idea that we shared with you yesterday for the Chart of the Day, and that is Gold ( NYSEARCA: GDX). We had a monster more today in Gold ( NYSEARCA: GDX ).
I didn’t expect this to happen so soon but one thing that I mentioned yesterday was noting the speed at which this got back to resistance. It broke down a few times, it broke down, it took a while, it broke down, took a while. And then the latest time, it broke down, and just within a couple of days, it was right back near the highs.
That was one thing that kind of tipped us off to say, Do you know what? This may be worth watching. And so we ended up getting a monster move here in GDX ( NYSEARCA: GDX). It closed above the downward-sloping 100-day exponential moving average.
This is still a longer-term downtrend but I don’t want to lose sight of the metals now because we ended up getting monster moves in GDX ( NYSEARCA: GDX). That turned into monster moves like FNV ( NYSE: FNV ); boom, right under the 200-day moving average.
GOLD ( NYSE: GOLD ) had a nice 7 percent jump today. And WPM ( NYSE: WPM ), another one that I was watching. I actually traded this and sold all out of it. I think a lot of these had good moves but they are kind of extended now.
So keep your time frame in check; I am currently looking for a little bit of a pullback to the moving averages here. But you definitely don’t want to lose sight of Gold ( NYSEARCA: GDX ) or, for that matter, Silver ( NYSEARCA: SLV ). Silver ( NYSEARCA: SLV ) has been outperforming Gold ( NYSEARCA: GDX ) for the most part. And so keep an eye on these metals.