On the heels of the precious metals rallying, look at what is actually happening with gold, silver and the mining stocks.
Gold, Silver, And Miners Continue To Surprise
August 26 (King World News) – King World News note: KWN has repeatedly told our global readers to watch the area of $1,900-$1,920 on gold as support after the breakout to all-time highs. So far that level has done a very good job of holding, including at the lows today. Now gold has turned higher along with the key short term indicators. For the time being, this is certainly a bullish setup (see chart with short term indicators turning higher below).
The silver market has also turned higher as well as the key short term indicators. This chart, like that of gold, is also revealing a very bullish setup (see chart with short term indicators turning higher below).
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What about the mining stocks? The setup is very similar. The mining stocks have turned higher along with the key short term indicators (see XAU Mining Stock Index chart with short term indicators turning higher below).
Bottom Line
As we come to the end of summer, which is generally a slow and sometimes weak time for the metals and mining stocks, this summer has surprised traders by being quite strong for gold, silver, and the mining shares. We will have to wait and see how the strong seasonality of September and November play out this year. If there is additional strength ahead, it will be a tough time for the gold and silver bears. Below is a seasonal chart covering 31 years from 1980-2011 (when gold peaked at $1,920). Look at the months of September and November, which are traditionally the strongest.
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