Golden Egg:
Gold has been in focus as of late and deservedly so given its performance. Some may say it is an ominous sign, others that it benefitted from a weak start to November for Bitcoin, but again whatever reason market participants make PRICE action is all that matters. We took a look at the seasonality perspective on the GLD in our last Materials Note in late October and it acted accordingly. My feeling is that the chart of the GLD will be magnetically pulled toward the mid-190s in the first half and if it can get above the double-bottom pivot on the MONTHLY chart could see another leg higher. The follow-through since the 7.5% burst the 2 weeks ending between 11/4-11 continues. The miners traditionally lag the commodity as GDX is now 20% off the most recent 52-week highs compared to GLD off by 6%, but NEM now above the bull flag pivot of 55 carries a measured move to 63 (ignore the wild candle Tuesday). FNV looks attractive as well as it now trades above the double bottom with handle trigger of 148.76.