Gold Miners Breakout Attempt and the US Stocks Watchlist – 28 November 2023
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The Gold miners group has been coming back into focus over the last few weeks, with a point and figure double top breakout in the IBD industry group chart (Percentage above 30 week MA) on the 16th November and strong expansion in the moving average breadth with 75% of the GDX etf stocks now above their long-term 200 day MAs, as well as 89.29% above their short-term 50 day MAs, and the GDX etf itself moving above its own 200 day MA today for the first time in four months.
So a potential change of character for the gold miners group, which had been languishing at the bottom end of the relative strength rankings. But as highlighted in last weekend's Industry Group RS rankings post, the Gold miners group was in a potential position to rebound – which has started to gain some traction this week.
US Watchlist Stocks
There were 26 stocks highlighted from the US stocks watchlist scans today
GFI, ISRG, NVDA, ONON + 22 more...
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.