GOLDBUGS AMEX Goldbugs Index (GOLD)

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(Gold) Weekly Wrap: No Holiday Surprises
By: Carl Swenlin | November 24, 2017

IT Trend Model: NEUTRAL as of 10/20/2017

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

Daily Chart: In spite of the weakness displayed by the U.S. dollar (see above), gold continues to struggle. Instead of making a clean breakout above the declining tops line, it merely drifted through the line sideways. I am still showing the possibility of a double bottom, but, unless we see improved price action next week, I fear I will have to abandon that scenario. Sentiment remains bearish and offers no support.



Weekly Chart: The weekly PMO topped this week, but it appears to be a result of gold's failure to advance, rather than a warning of a top. That said, PMO tops below the signal line encourage more caution. . .



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http://stockcharts.com/articles/decisionpoint/2017/11/dp-weekly-wrap-no-holiday-surprises.html

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