RISING UKRAINE TENSIONS ARE PUSHING GOLD TO THE HIGHEST LEVEL IN EIGHT MONTHS -- GOLD MINERS ARE ALSO RALLYING

RISING TENSIONS BOOST GOLD... With increased warnings that a Russian invasion of Ukraine is likely, investors are selling stocks around the world.    And they're buying gold which is usually viewed as a traditional safe haven in times of heightened global tensions.   Chart 1 shows the Gold Shares SPDR (GLD) rising above its November high to achieve a bullish breakout in the yellow metal.  The weekly bars in Chart 2 show GLD rising to the highest level in eight months and heading toward a test of the highs reached last spring.   Today's upside breakout strongly suggests that the price of gold is heading higher.  The same is true of gold miners.

GOLD MINERS ARE ALSO RALLYING... Investors are also buying gold miners today.  Chart 3 shows the VanEck Vectors Gold Miners ETF (GDX) surging to a three-month high and nearing a test of its November peak.  A close above that previous resistance level would be a bullish sign for gold miners.   The weekly bars in Chart 4 show that a price rise above that November peak would constitute an upside breakout for the GDX.  An upside breakout would also push prices above the falling trendline extending back to the middle of 2020.