The Canadian Technician

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Gold Miners Outperform Gold

Well, it looks like the 7 dwarfs can get back to work. The Gold Miners are finally outperforming the metal which is very bullish. One of the key clues at Gold's top was the miners underperforming. 

Now having the miners rise from the ashes before the shiny metal, can only be viewed as good news.

$GOLD 20140124

Starting at the top, the RSI for Gold is still below 50. I would expect some resistance as $Gold reaches up there. The purple shaded SPURS on Gold has broken above the downtrend. Bullish!

It looks like the 40 WMA is going to be a test for gold up around 1300. A little worried about the volume which is still below average. The MACD has positive divergence as we have spoken about many times. 

The XGD.TO chart is the gold miners etf. It is very bullish. $12 will be interesting resistance.

Good Trading,

Greg Schnell, CMT

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