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Saturday, September 02, 2017 10:07:16 AM
By: Carl Swenlin | September 1, 2017
IT Trend Model: BUY as of 7/31/2017
LT Trend Model: BUY as of 4/12/2017
This week gold broke out of its five-month trading range, and it managed to hold the gain even though the dollar showed some strength in the short-term. I have added a panel to the chart showing gold's strength relative to the dollar, and that line has been rising since the bear market low. Sentiment remains bearish, which is a drag on the rally. (When sentiment turns bullish, we should see more energy in the rally.)
On the weekly chart it looks as if the breakout has really taken hold. The next level of resistance is at about 1390.
http://stockcharts.com/articles/decisionpoint/2017/09/dp-weekly-wrap-water-water-everywhere---.html
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