Adam Hamilton
Archives
Jun 11, 2021
The gold miners’ stocks have been drifting sideways to lower in recent weeks, fueling bearish sentiment. With their short-term upside momentum stalled, the great majority of analysts and traders seem worried about a deepening selloff. But this young gold-stock upleg is very much alive and well, with lots of room to run yet. Bull-market uplegs naturally flow and ebb, and today’s has been nowhere close to overbought yet.
Bull uplegs have a normal life cycle, which can be tracked with sentiment and technicals. They are born in deep despair, after major corrections bottom in deeply-oversold conditions. Those reveal likely selling exhaustion, paving the way for new buying. That pushes gold stocks higher, gradually shifting sentiment back towards bullish. The longer and higher an upleg rallies, the more it attracts mounting capital inflows.
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