GOLDBUGS AMEX Goldbugs Index (GOLD)

[RBKissMyAs]

Gold may hold up better than the miners, but for the short term Summer is a time to make lows, not highs. Gold could still go much higher, but first, look at the downward spike just before 2014 on that chart. There's another one just like it in Oct. '13. See how that one was retraced and the price even blew past that low by quite a bit. I see the almost textbook inverted H&S at 2014, but that lonely spike is calling gold's name. Those "naked bars" as I call them are ALL retraced if you go back in time on any chart. You'll rarely see one that has not been. So, 1200 would not be a surprise to me. More exactly, 1190. SSRI looks like it wants at least the gap @7.60.