Like we have discussed, (really for the last 2 years), gold’s chart remains a thing of beauty. In general pricing respects the 50-day Exponential Moving Average (EMA). Yes, it has occasionally dipped down briefly near the next support level at the 144-day EMA, but then it quickly moves back up above the 50-day EMA.

• Pricing closed on Friday at $2,715, which is above the 50-day EMA (currently at $2658), and it remains in a bullish posture. (Also $2700 gold is a great price!)
• The RSI is trending back up, but is still in neutral territory (currently at 59.43), so gold could keep heading higher and still not be overbought.
• The next resistance levels are prior peaks at $2,723.20, $2,761.30, and the all-time high close of $2801.80.

With regards to gold mining stocks, it seems more appropriate to look at things through the lens of GDXJ, because the components of GDX are too skewed by the outsized weighting that fund gives to big boy laggards like Newmont and Barrick; each with their own respective challenges to sort out. As a result their drama and underperformance last year has warped the performance of GDX…

LINK