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April 15, 2008

Base Jumping

Let's take a quick look at the intraday charts of some precious metals miners:

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As you can see, the miners have spent a few days forming broad bases to consolidate the impulsive move higher from the first week of April. I suspect these bases will break higher in the coming hours. In fact, AEM has already broken higher. If measured by the height of the base in GDX, miners should see an average gain of about 6% in coming days. Such a move would make perfect sense if gold breaks higher out of this triangle, so keep an eye on the yellow metal:

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