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Sunday, January 06, 2019 9:21:23 AM
By: Carl Swenlin | January 4, 2019
IT Trend Model: BUY as of 10/19/2018
LT Trend Model: SELL as of 6/22/2018
GOLD Daily Chart: I normally comment on parabolic advances when I see them on a monthly chart, but I recently noticed a mini-parabolic on gold's daily chart. The recent price advance got a bit frenzied, and the expected breakdown took place on Friday. A pullback to the top of the rising trend channel (around 1265) would be reasonable. Note that the 50EMA is closing in on the 200EMA, so I anticipate a LT Trend Model BUY signal soon.
GOLD Weekly Chart: The price pattern and weekly PMO look positive, and I anticipate that they will remain so during the short pullback I am expecting.
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