Remember the LORD for it is he who gives you the ability to produce wealth and so confirms his covenant... Deut. 8:18

Tuesday, June 23, 2009

Gold Stocks: Jeff Clark's Buy Point

We're borrowing an idea from Jeff Clark for our chart of the week...
Jeff is one of the few traders we've ever seen who consistently trades the short-term movements in gold stocks for profit... so we always pay attention to his opinions on the sector.
Just a few days ago, Jeff updated his readers on his "wish price" to buy more gold stocks. As you can see from this week's chart of the gold miners fund (GDX), gold stocks are in a confirmed uptrend since last December. Each time they dip down to their trendline, they tend to rally higher.
Jeff's target buy price to get the GDX "on sale" is around $33. If you're looking to trade gold stocks, keep an eye on that number.

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