Gold and Gold Stocks Lost Their Luster Since Post-Election Highs

New York (Mar 9)  Comex gold traded as high as $1,338.3 overnight on Nov. 9, when this "flight to safety" investment spiked higher as the Dow Jones Industrial Average plunged 800 points on that short-lived negative reaction to the Trump election victory. Gold set its post-election low of $1,124.3 the Troy ounce on Dec. 15, down 16%. Gold then rebounded by 12.5% to post-election high of $1,264.9 on Feb. 27, a failed test of its 200-day simple moving average.

This correction and recovery was mirrored by shares of VanEck Vectors Gold Miners ETF  (GDX) , Barrick Gold  (ABX) , Yamana Gold  (AUY) , Goldcorp  (GG) and Newmont Mining  (NEM) with larger measures of volatility.

Here's a scorecard for Comex gold, the gold miners ETF, and four gold mining stocks.

The weekly chart is neutral with gold futures close below its key weekly moving average of $1,218.5 and its 200-week simple moving average of $1,238.6. Weekly momentum is projected to be flat at 77.13, just below the overbought threshold of 80.00. Buy weakness to my quarterly value level of $1,196.0. Sell strength to my weekly risky level of $1,275.9.

The weekly chart is negative with the ETF below its key weekly moving average of $22.95 and below its 200-week simple moving average of $21.99. Weekly momentum is projected to decline to 69.08 after almost testing the overbought threshold of 80.00. Buy weakness to my monthly value level of $20.83. My quarterly pivot is $21.49. Sell strength to my annual risky level of $32.91. This ETF is in correction territory 16.9% below its post-election high of $25.70 set on Nov. 9, and is 14.9% above its post-election low of $18.58 set on Dec. 20.