Gold Mining Stocks are Still in Downtrend

The chart below shows that the Fidelity Select Gold Fund (FSAGX) has approached its long-term trendline, but still in a downtrend.

The Fed will issue its policy statement today and we expect that it will have a strong influence on the direction of both gold and mining stocks: a decision to continue with the tapering of the quantitative easing program will most likely strengthen the dollar and weaken gold.


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