GOLDBUGS AMEX Goldbugs Index (GOLD)

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GOLD DecisionPoint Weekly Wrap
By Carl Swenlin | May 7, 2017

...Bad Week for Gold and Crude

GOLD

IT Trend Model: BUY as of 2/3/2017

LT Trend Model: BUY as of 4/12/2017

Gold violated the rising trend line drawn from the December 2016 low, which is also the low for the bear market that began in 2011. While the IT and LT Trend Models are on BUY signals, they will be reversed if price remains below the three moving averages shown on the daily chart. Sentiment has been running neutral to slightly bearish -- not a factor.



On the weekly chart price has been turned back from the long term declining tops line, and the weekly PMO topped this week. While I have been operating on the premature assumption that the 2011 gold bear market is over, in fact, price needs to break above the declining tops line before a new bull market is officially in progress. In the meantime, the triangle (indecision pattern) is still the dominant formation on the chart. . .



http://stockcharts.com/articles/decisionpoint/2017/05/decisionpoint-weekly-wrap----bad-week-for-gold-and-crude.html

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