{"id":1629,"date":"2019-12-05T19:31:16","date_gmt":"2019-12-05T19:31:16","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2019\/12\/05\/chart-watcher-says-dont-fall-asleep-on-gold-as-it-gears-up-for-another-run\/"},"modified":"2019-12-05T19:31:16","modified_gmt":"2019-12-05T19:31:16","slug":"chart-watcher-says-dont-fall-asleep-on-gold-as-it-gears-up-for-another-run","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2019\/12\/05\/chart-watcher-says-dont-fall-asleep-on-gold-as-it-gears-up-for-another-run\/","title":{"rendered":"Chart watcher says, \u2018Don\u2019t fall asleep on gold\u2019 as it gears up for another run"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"article-body\" itemprop=\"articleBody\">\n<p>Investor ardor for gold, as measured by inflows into exchange-traded products, is finally cooling as the metal pulls back from a six-year high set earlier in 2019 \u2014 and that might be the contrarian, positive development it needs to make another run higher, said one of Wall Street\u2019s most widely followed chart watchers.<\/p>\n<blockquote class=\"shareable\" data-share-hover=\"true\" data-share-modprefix=\"mw_pullquote_\" data-share-text=\"\u2018We don\u2019t want you to fall asleep on gold, the charts are too good.\u2019\"><p>&#13;<br \/>\n                  \u2018We don\u2019t want you to fall asleep on gold, the charts are too good.\u2019&#13;<\/p>\n<footer>&#13;<br \/>\n                          <cite>&#13;<br \/>\n                              Jeff deGraaf&#13;<br \/>\n                          <\/cite>&#13;<br \/>\n                &#13;<br \/>\n                  <\/footer>\n<p>&#13;\n              <\/p><\/blockquote>\n<p>\u201cThe noise around gold during its big run in the summer has certainly quieted down as the metal has been consolidating for over three months. ETF inflows for gold have finally moderated from extreme levels as investor exuberance fades,\u201d said Jeff deGraaf, chairman of Renaissance Macro Research, in a Thursday note that included the annotated chart below, highlighting ETF flows in the lower panel and the performance of the VanEck Vectors Gold Miners ETF &#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                  &#13;<br \/>\n                                    <span class=\"quote up bgQuote\" data-channel=\"\/zigman2\/quotes\/206399889\/composite\" data-bgformat=\"\"><a class=\"qt-chip trackable\" data-fancyid=\"ARCXExchangeTradedFundGDX\" href=\"http:\/\/www.marketwatch.com\/investing\/fund\/gdx\" data-track-mod=\"MW_story_quote\" target=\"_blank\" rel=\"noopener\">GDX, <span class=\"bgPercentChange\">+0.98%<\/span><\/a><\/span>&#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                        \u00a0in the top panel:<\/p>\n<figure class=\"article-figure NS\">&#13;<\/p>\n<div class=\"article-image-wrap shareable\" data-share-text=\"Chart watcher says, \u2018Don\u2019t fall asleep on gold\u2019 as it gears up for another run\" data-share-modprefix=\"mw_image_\">\n                  <img decoding=\"async\" class=\"article-image NS\" src=\"https:\/\/ei.marketwatch.com\/Multimedia\/2019\/12\/05\/Photos\/NS\/MW-HW419_GDX120_20191205104901_NS.png?uuid=c226f156-1776-11ea-8326-9c8e992d421e\" alt=\"\"\/><br \/>\n                  <!-- Image Credit --><br \/>\n                      <cite>Renaissance Macro Research<\/cite><br \/>\n            <!-- Caption inside of wrapper on slideshow media types -->\n              <\/div>\n<p>&#13;<br \/>\n                  <!-- Caption outside of wrapper for normal article images -->&#13;<figcaption\/>&#13;<br \/>\n    <\/figure>\n<p>\u201cWe don\u2019t want you to fall asleep on gold, the charts are too good,\u201d deGraaf said. \u201cA drop in extreme sentiment during a period of consolidation as the overbought condition works off after breaking out of a large basing pattern is exactly the type of action you want to see.\u201d<\/p>\n<p>Gold futures &#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                  &#13;<br \/>\n                                    <span class=\"quote up bgQuote\" data-channel=\"\/zigman2\/quotes\/210034565\/delayed\" data-bgformat=\"\"><a class=\"qt-chip trackable\" data-fancyid=\"XNYMFutureGC00\" href=\"http:\/\/www.marketwatch.com\/investing\/future\/gc00\" data-track-mod=\"MW_story_quote\" target=\"_blank\" rel=\"noopener\">GC00, <span class=\"bgPercentChange\">+0.09%<\/span><\/a><\/span>&#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                        \u00a0accelerated a move to the upside in June. The rally saw gold briefly top the $1,570 an ounce level in September \u2014 its highest since 2013 \u2014 before beginning a pullback. <\/p>\n<p>Gold sits around 5.6% below the September high, holding a 15.8% year-to-date gain and posting a 19% rise over the last 12 months. The popular, bullion-tracking SPDR Gold Trust ETF &#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                  &#13;<br \/>\n                                    <span class=\"quote up bgQuote\" data-channel=\"\/zigman2\/quotes\/200593176\/composite\" data-bgformat=\"\"><a class=\"qt-chip trackable\" data-fancyid=\"ARCXExchangeTradedFundGLD\" href=\"http:\/\/www.marketwatch.com\/investing\/fund\/gld\" data-track-mod=\"MW_story_quote\" target=\"_blank\" rel=\"noopener\">GLD, <span class=\"bgPercentChange\">+0.10%<\/span><\/a><\/span>&#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                        \u00a0is up 14.8% year to date and 18.9% over the last 12 months. GDX &#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                  &#13;<br \/>\n                                    <span class=\"quote up bgQuote\" data-channel=\"\/zigman2\/quotes\/206399889\/composite\" data-bgformat=\"\"><a class=\"qt-chip trackable\" data-fancyid=\"ARCXExchangeTradedFundGDX\" href=\"http:\/\/www.marketwatch.com\/investing\/fund\/gdx\" data-track-mod=\"MW_story_quote\" target=\"_blank\" rel=\"noopener\">GDX, <span class=\"bgPercentChange\">+0.98%<\/span><\/a><\/span>,&#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                         the VanEck Vectors gold-miners ETF, meanwhile, is up more than 31% in the year to date and around 41% compared with a year ago.<\/p>\n<p>The S&amp;P 500 &#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                  &#13;<br \/>\n                                    <span class=\"quote up bgQuote\" data-channel=\"\/zigman2\/quotes\/210599714\/realtime\" data-bgformat=\"\"><a class=\"qt-chip trackable\" data-fancyid=\"SPUSIndexSPX\" href=\"http:\/\/www.marketwatch.com\/investing\/index\/spx\" data-track-mod=\"MW_story_quote\" target=\"_blank\" rel=\"noopener\">SPX, <span class=\"bgPercentChange\">+0.10%<\/span><\/a><\/span>&#13;<br \/>\n&#13;<br \/>\n                            &#13;<br \/>\n                                  &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n      &#13;<br \/>\n                                        \u00a0is up around 24% year to date, bouncing back from a steep fourth-quarter 2018 selloff, leaving it up around 15% over the last 12 months. <\/p>\n<p>DeGraaf said GDX is starting to show strength as it breaks out above resistance that had been holding through a consolidation period. \u201cGold may be gearing up for another run and we think it\u2019s worth owning here,\u201d he said.<\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Investor ardor for gold, as measured by inflows into exchange-traded products, is finally cooling as the metal pulls back from a six-year high set earlier in 2019 \u2014 and that might be the contrarian, positive development it needs to make another run higher, said one of Wall Street\u2019s most widely followed chart watchers. &#13; [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":1630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=1629"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/1630"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=1629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=1629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=1629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}