Friday, June 16, 8:27 am EST. Prices are approaching levels of support. Will they hold? Will it reverse to the upside? And, what of the technical measures of market risk?
I will update the timer, and get back shortly. The charts are looking interesting… most important support levels have been established as of May 4, March 8 thru 15, and December 20 thru 23rd. These are looking good, and make the case for a bullish longer-term uptrend.
Recent tops, for the miners, of 6/6 and 5/17, along with previous highs of 4/13 and 2/8 show a bullish wedge pattern. Gold itself looks far healthier than even the miners… it’s been consistently eking out higher lows, and higher highs… also, a very bullish pattern set.
We’ve a rally coming. Let me update the timer to see if I can begin to possibly pick up on when that might be. Back in a bit…
8:50 am EST. Here’s what I see: The technical indicators are heading south very quickly. Several are not far from signaling. I could see this thing getting to where we’d like it to be in another week, or so. GLD is at $119.32, and would be elated to see it get down under $118. Let’s start to get ready. It’s early yet, but we may get our chance fairly soon!