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What’s This? A Positive Move In Gold Stocks?

Founder & Editor @
March 4, 2024

Yes, a positive move in gold stocks

It’s just one day but a positive move in gold stocks is happening. Rah rah, sis boom bah! Right girls?

Oh wait, absolutely nobody was cheering this much hated sector yesterday. It’s a solid contrarian sentiment setup.

However, we did dig up a positive macro fundamental inkling for the sector (which hit me over the head when I saw it) this morning in an NFTRH+ update, and while the macro is still adversarial (in its signaling) on balance, the makings of a rally (at least) if not a resumption of the terribly volatile bull market (such as it is) that began in 2016 are in place due to sentiment (utter hatred) and oversold indications. The positive macro indication is reserved NFTRH, but it really struck me when I saw it.

Anyway, dialing in simple daily chart technicals, we find GDX holding above the October low and tentatively re-taking a support level. A positive move in gold stocks could have significant upside even if this is not THE rally. There are chart gaps above and below 30, for example. As a side note, the Treasury bond market is making short-term positive signals and will probably need to continue doing that for this rally to really get on a roll.

Why would a positive move in gold stocks be so satisfying if it plays out? Because any numb nuts can momo the stock market and act like a genius as long as the MOMO is on. It’s way harder to be a bottom feeder. But when a contrarian bottom feed actually works out there is no better feeling, market-wise, in my opinion. Lot’s of other positives in play across the markets as well, as we’ve considered the possibility of relative rotation from Goldilocks/Tech to commodity/resource/EM, etc. related stuff.

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Gary Tanashian is founder and editor of the popular Notes from the Rabbit Hole (NFTRH). Gary successfully owned and operated a progressive medical component manufacturing company for 21 years, keeping the company’s fundamentals in alignment with global economic realities through various economic cycles. The natural progression from this experience is an understanding of and appreciation for global macro-economics as it relates to individual markets and sectors.

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