Wednesday, February 28, 2024
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Gold Miners Try Multi-Year Breakout

The GDXJ:GDX ratio can often signal when key turning points are about to take place for gold and silver miners.

The chart above looks at this ratio, which shows that a multi-year narrowing pennant pattern has been forming (higher lows and lower highs).

Despite gold, silver, GDX and GDXJ heading much lower over the past several months, this important ratio has actually been heading higher and is facing a key breakout test at (1).

If this ratio breaks out, it will send a short-term bullish message to the out-of-favor mining sector.

Read more at : https://www.investing.com/analysis/gold-miners-try-multiyear-breakout-200344262

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