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Gold Price in May 2017

by Przemyslaw Radomski Gold Seek:

The mining stocks moved higher yesterday and this move can be explained neither by a move higher in gold or silver, nor by a substantial rally in the main stock indices. Does the miners’ strength indicate a looming turnaround?

Quite likely yes, but the emphasis should be put on “looming” and on the fact that any turnaround here is not likely to be very significant. Let’s take a look at the charts for details (charts courtesy of http://stockcharts.com) and check the outlook for gold price in May.

That wasn’t the first day when mining stocks showed some strength, so the corrective upswing could be just around the corner. However, as you will see on the following charts, it has probably not begun yet.

Moving back to the above chart, please note that yesterday’s upswing was accompanied by relatively low volume (higher than the last 2 days, but still low compared to what we’ve seen on average in the past weeks), so it’s not a major buy signal on its own. The buy signal from the Stochastic indicator is clearly visible, but based on how it performed in the recent past (fake buy signals in November 2016 that were followed by a decline in mid-December), it doesn’t necessarily indicate anything major.

Besides, we already discussed it several times that a corrective upswing in mining stocks could be seen shortly, but that it is unlikely to be significant.

Read More @ GoldSeek.com

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