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Saturday, January 04, 2020 10:00:47 AM
By: Carl Swenlin | January 3, 2020
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GOLD
IT Trend Model: BUY as of 12/26/2019
LT Trend Model: BUY as of 1/8/2019
GOLD Daily Chart: Gold broke out of the falling wedge two weeks ago, but today's advance was the most enthusiastic one-day move since the breakout.
GOLD Weekly Chart: I think we can agree that the handle on the saucer has been completed. Gold is now approaching horizontal resistance drawn across the September top, but the PMO is rising. Other than the fact that the commercials have a large short position on gold, this is a very bullish chart.
GOLD MINERS Golden and Silver Cross Indexes: GDX is approaching overhead resistance, and the Golden and Silver Cross Indexes are approaching the very top of their ranges. We can see that historically those indexes don't stay at the max readings for very long, so we can expect some GDX pullback.
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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