AEM Agnico Eagle Mines Daily Chart Positive Divergence

AEM has headaches with a gold mine in Canada lately but out of all the gold miner charts that Keystone reviewed, he only likes AEM and GSS; both have been beaten down over the last year. Price dropped into the falling green wedge with oversold conditions and positive divergence so it was placed on the launch pad as November began and catapulted skyward as would be expected. During November, price drifted lower falling into the blue wedge. Note the oversold conditions and positive divergence that bounced price once again.

Price is currently battling with the 20 MA and should take out this resistance to the upside indicating further bullishness. The RSI just placed a higher high which is a long and strong bullish profile; watch to see if the RSI 50% level gives way to signal further strength as well. The weekly chart is positively diverged indicating bullishness also. The worst is over for AEM, it is basing now and higher prices are expected for the weeks and months to come. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.