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$1,210.00+9.10(+0.76%)
- Copper High Grade Front Month Futures$2.61+0.01(+0.44%)
- Silver Front Month Futures$17.12+0.15(+0.90%)
- Barrick Gold Corp$22.82+0.26(+1.15%)
- Silver Wheaton Corp$28.31+0.54(+1.94%)
- SPDR Gold Trust$115.05+0.28(+0.24%)
- Kinross Gold Corp$4.78+0.10(+2.14%)
- Goldcorp Inc$20.55+0.44(+2.19%)
- Updated January 19 7:01 PM CDT. Delayed by at least 15 minutes.