February 13, 2014
Sochi is not the only place where gold is the object of desire.
Although there are still plenty of doubters, the charts of gold and gold mining stocks look rather good. And for the first time since December 2012, the Market Vectors Gold Miners exchange-traded fund traded above its 200-day moving average. That’s bullish.
This technical metric is not the magic dividing line between bull and bear markets that some would make it out to be, but the move above it suggests something positive is happening for the sector. And while gold itself, as represented by the SPDR Gold shares ETF, is not yet above its 200-day line, it has several other bullish technical events under its belt. Let’s start there.