Richard Russell- Richard Russell: Three big bullish signs for gold stocks

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Richard Russell: Three big bullish signs for gold stocks

Monday, July 18, 2011
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From Richard Russell on 321gold:

... From its July 1 low of 1,482, gold has risen almost in a straight line to its July 13 high of 1,585, a spectacular rise of 103 points. Obviously, gold is in need of a rest or even a correction.

For long-suffering holders of gold mining stocks, however, "green shoots" (remember them?) are beginning to show. Below, we see GDM, the gold miners index, shooting high into the 1,600s and bettering by a wide margin its preceding peak. Score a big gold star for the gold miners.

A second look at the gold mining stocks is provided by this P&F chart of GDX. Here, we see an upside breakout with a P&F target of...

Read full article (with charts)...

More from Richard Russell:

Richard Russell: It's time to buy silver again

Richard Russell: Two big reasons to worry about stocks

Richard Russell: "Surging gold tells the world that something is terribly wrong"

Topics:		Richard_Russell \| Gold \| Mining

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