Metals and Miners Bull Market Point Of Recognition [SPDR Gold Trust (ETF), Market Vectors Junior Gold Miners ETF]

bear and bull 8Trader MC: I think that the Metals and Miners Bull Market has just began and we are very close to the point of recognition of a new bull market which should give us an idea of what to expect going forward. As we have already seen in the past the first phase of a bull market is frustrating as many investors usually lose their positions too early and are therefore often left behind. This is how bull market works. Charts are telling me that Metals and Miners are on the verge of a massive breakout which could be the point of recognition of a new cyclical bull market.

On the long term chart the Gold/XAU ratio has reached its Base Pattern Target and reversed to the downside. On the next chart you can see that the Gold/XAU ratio is very close to break below the neckline of a massive Head and Shoulders Pattern and also to break through a 3 year support channel trendline. Once these trendlines are broken, a point of recognition of a new bull market should be valid and a new impulsive leg up in Miners and Metals should be launched. You can also notice that the Gold/Silver ratio chart just broke below its long term support which is a bullish sign for the Complex Metals. Silver is outperforming Gold.

GOLD MINERS RATIO CHART JULY 8

GOLD XAU GOLD SILVER RATIO CHARTS JULY 8

On the chart below you can see that the Miners Indexes are also on the verge of a breakout of a huge Inverse Head and Shoulders Pattern.

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