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Saturday, June 24, 2017 12:37:29 PM
By Carl Swenlin | June 24, 2017
GOLD
IT Trend Model: BUY as of 5/22/2017
LT Trend Model: BUY as of 4/12/2017
Gold seems to have found support on the rising trend line drawn from the bear market low in 2016, and the daily PMO seems to be trying to bottom. Sentiment, as expressed by the persistent discount held by closed-end fund PHYS, remains bearish. If this small bounce turns into a rally, we would hope for confirmation by sentiment turning positive.
Since bottoming earlier this year, the weekly PMO has given us a lot of whipsaw, but we should look for it to confirm any rally in gold by turning up fairly quickly. . .
http://stockcharts.com/articles/decisionpoint/2017/06/decisionpoint-weekly-wrap----troubling-negative-divergences.html
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