A lot is riding on gold’s price action today. It was at a convergence of key lines of support and resistance. The mini smash this morning just broke a short term uptrend line. Recovery is still possible by the end of today, but if it does not happen, the effect on the short term trend…
Gold is on the verge of signaling an upturn in the 9-12 month cycle. Here’s what needs to happen, and what it needs to do to avoid falling back into they abyss. Meanwhile, the 3 PM stocks that were selected as potential sector leaders in the past two weeks continue to hold gains.
Gold stocks fell sharply Friday, while the metal itself has remained in a short term uptrend through this morning. Here’s what to look for.
Gold must remain above a convergence of trendlines today to keep the uptrend intact.
Gold has cleared one resistance level but has pulled back from a second, which it must clear to reach the next target in the advance. Meanwhile precious metals stocks underperformed the metal yesterday. What does it all mean?
Gold surged upon release of US retail sales and PPI data, challenging, but not yet breaking the key resistance area it must clear to extend the rally.
Gold and precious metals stocks marked time just below key resistance levels while trying to complete an intermediate term base for a rally.
Gold is holding recent gains but is stuck below resistance.
Gold has set up a new short term trading range from 1205 to 1235 that could be very thin.
Indicators suggest that this is a 13 week-4 month cycle upturn but the time counts are problematic.