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Gold Index Rally Signals More Gains to Come: Technical Analysis

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Elizabeth Stanton
Friday, Sept 4, 2009

The Philadelphia Stock Exchange Gold and Silver Index is signaling that some bullion producers will extend gains after all 16 companies in the index rose yesterday, according to WJB Capital Group Inc.

The cumulative advance-decline line for companies in the index set a record as the benchmark of precious metal miners’ shares climbed 8.6 percent to the highest since June 4 yesterday, John Roque, managing director in technical analysis at WJB in New York, said in a report. The line represents the number of daily gains for stocks in the index minus the number of declines since the beginning of 2001.

“The new high in breadth is a positive divergence and implies that many of the stocks in the index should follow,” Roque wrote. Roque was one of two runners-up in the technical analysis category in Institutional Investor magazine’s 2008 ranking of the top three analysts in each field. Technical analysts make predictions based on price and volume charts.

A positive divergence occurs when the cumulative advance- decline line makes a new high before the index itself reaches one, the report said. The Philadelphia mining index rose 5.1 percent to 164.89 as of 1:17 p.m. in New York, the highest since Aug. 1, 2008.

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This article was posted: Friday, September 4, 2009 at 3:59 am

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