Evidence is growing that the recent downturn in the Canadian materials sector - especially precious metals - has reached its conclusion, points out Dave Harder, analyst with the technical analysis firm Phases & Cycles.
A "double-bottom" - where prices fall, then rise only to dip for a second time - may have formed in gold, silver and precious metals stocks. That tends to foreshadow a more stable recovery where selling has been exhausted.
And there was another recent clear signal that the bear market for gold and precious metal stocks may have ended: the share prices of Silver Wheaton Corp. and Barrick Gold Corp saw little selling pressure on recent bearish news of a major mine suspension.
Mr. Harder details all this, along with some charts, in this PDF report that Phases & Cycles has given us permission to re-publish in its entirety.Report Typo/Error
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- Gold Front Month Futures$1,255.90+5.80(+0.46%)
- Copper High Grade Front Month Futures$2.67+0.03(+0.95%)
- Silver Front Month Futures$18.110.00(0.00%)
- Barrick Gold Corp$25.59-0.20(-0.78%)
- Silver Wheaton Corp$27.71-0.51(-1.81%)
- SPDR Gold Trust$119.70+0.76(+0.64%)
- Kinross Gold Corp$4.99+0.13(+2.67%)
- Goldcorp Inc$21.70-0.34(-1.54%)
- Updated February 22 7:01 PM CDT. Delayed by at least 15 minutes.