The below post is a copy of a publication on the 18th of October. Since making the post, gold stocks have performed well and we now look to trim the gains and rotate into oversold industrial & REIT names.
Vaneck Vectors Gold Miners is under Algo Engine buy conditions following the entry condition earlier this year at $30. It is a current holding in our ALL ASX ETF model portfolio.
GDX ETF has corrected from $45 to $38 over the past 8 weeks. We feel buying support will now begin to increase.
Northern Star Resources is under Algo Engine buy conditions and is a current holding in our US S&P100 model portfolio.
Gold remains under pressure as US yields push higher during the current “risk on” phase in the market. We are also experiencing selling in the “yield sensitive” securities such as consumer staples, utilities, infrastructure and REITs.
We now forecast price support developing in NST near $8.00.