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Saturday, September 30, 2017 9:13:16 AM
By: Carl Swenlin | September 30, 2017
IT Trend Model: BUY as of 7/31/2017
LT Trend Model: BUY as of 4/12/2017
Gold clearly broke through support this week, and the emerging strength in the dollar discourages optimism that gold will resume its rally.
Last week the weekly PMO for gold turned down, and price continues down toward a possible retest of the long-term declining tops line. To clearly establish a long-term rising trend, price must rise above the 2016 top.
The long-term picture for gold remains bullish. The breakout above the declining tops line has held, and the monthly PMO is rising.
http://stockcharts.com/articles/decisionpoint/2017/09/dp-weeklymonthly-wrap-market-still-overbought.html
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