GOLD AND SILVER ATTRACT NEW BUYING

John Murphy
by John Murphy,
Pioneer Technical Analyst

GOLD AND ITS MINERS MAY BE TURNING UP... Precious metals have sat out the rally in most commodity markets.   But money is starting to flow into the group and its miners.   The daily bars in Chart 1 show the VanEck Gold Miners ETF (GDX) rising above its early 2021 peak to reach the highest level in six months.   The price of gold is also rising.   Chart 2 shows the Gold Shares SPDR (GLD) rising above its 200-day moving average and a falling trendline extending back to last August.  Silver and its miners are also having a strong day.

Chart 1
Chart 2

SILVER AND ITS MINERS ARE ALSO RISING...Chart 3 shows the Global X Silver Miners ETF (SIL) rising today to the highest level since early February.   The metal is also rising.   Chart 4 shows the Silver Trust iShares (SLV) nearing a test of its February highs.   It's normally a good sign to see miners rising faster than their respective commodities which is what we're seeing today.   A weaker dollar may also be giving a boost to both precious metals.

Chart 3
Chart 4
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John Murphy
About The Author:

A trailblazer in intermarket analysis, John authored key texts that shaped technical trading and helped generations of investors decode market trends using charts and correlations. Learn More 

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