[WATCH] Closing Bell — Gold Stocks Come Alive

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In today’s Money Weekend…the long-term trend recently turned down…I have to remain wary of bear market rallies…gold stocks are starting to catch a bid from oversold levels…and more…

Dear Reader,

Stocks are continuing to recover from the bout of selling a few months ago, but it is premature to call an end to the bear market.

The long-term trend recently turned down based on the monthly moving averages I watch. It is the fourth time that has happened in the past 30 years. On two occasions, the trend shift happened just before major sell-offs in 2000–03 and 2008–09.

The other occasion was a false signal, and the trend turned back up soon after.

So until the long-term trend turns back up, I have to remain wary of bear market rallies.

There is no sign the current one is about to end. Stocks could continue rallying for another few months, but the higher it goes, the higher the risk that the selling will return.

The sector of the market that I think shows the most promise for money-making opportunities right now is gold stocks. Gold has bounced from major support and confirmed a weekly buy pivot last week.

Gold stocks are starting to catch a bid from oversold levels, and a few of them have had false breaks of major support levels, which is usually a good time to jump on.

In today’s ‘Closing Bell’ video, I show you the S&P 500 to point out where the areas of resistance are above the market and analyse the gold price — giving you my short-term targets, plus a couple of gold stocks to consider.

Until next week,

Murray Dawes Signature

Murray Dawes,
Editor, Money Weekend

About Murray Dawes

Murray Dawes is the Editor of Pivot Trader and contributing Editor at Money Morning. He was one of five, from 5,000 applicants, chosen for a graduate position with the Swiss Banking Corporation — now part of banking giant UBS. The bosses quickly cottoned on to his potential and pushed him…

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