Glittery Outlook:

Gold has been behaving itself in fine form. Looking at the GLD which recorded a near-perfect double top in the mid 190s with this month and August 2020 it is now feeling like it wants to sniff out highs once again. On its daily chart, it broke above a cup with handle pivot of 173.25 on 2/11 rising 2% in very robust volume. It acted well POST breakout, exactly what one wants to see if bullish, and this week touched its rising 50 day SMA for the initial time following the breakout, which is often an optimal entry point. It has now set up an add-on buy point above a double bottom pivot of 183.61. One of the more recognizable names in the space is the chart below of NEM and how it appeared in our 2/17 Materials Note. We took a look at its WEEKLY chart and admired its cup with handle breakout. It is now well above a WEEKLY cup base pivot of 75.41 and on its daily chart it attempted to break above the round 80 number in a bull flag formation Thursday for the third time but failed once again (was above 3/8 and 3/24 too). If a breakout occurs it carries a measured move to the very round par number.

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