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- After A One Week Drop Gold Provides An Entry Point For Mining Stocks
After A One Week Drop Gold Provides An Entry Point For Mining Stocks
Become A Better Trader And More Informed Investor
Gold and silver prices soared last week as gold went to an all time high of $2800 an ounce.
However, after peaking there, the price of gold pulled back, in a correction that came to a climax the day after the US Presidential election with a sharp gap down.
Gold has bounced back and went up more after the Federal Reserve lowered interest rates yesterday.
The pullback looks like a normal decline in a big bullish trend.
Gold, silver, and mining stocks are now oversold and appear to have better entry points now, than they did two weeks ago, for those that want to buy more or initiate a position.
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And…..
All attention has been on the US Presidential election this week and US stock market action, but that doesn’t mean interesting things are not happening in other markets around the world.
Remember, in September, the China stock market surged to breakout of a stage one basing phase into a new stage two bull market.
It then put on a sharp pullback, after peaking in October, and paused.
It looks like it has successfully consolidated, as you can see from the FXI China ETF above.
-Mike
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