Your Economy (No Politics)

[Bullwinkle]

Hi buck, good deal! I think we are seeing the scenario play out. HUI & XAU have been moving up since mid May, Gold was stagnant around $419 and swooned on U$D strength after the EU vote. Since then Gold has strengthened even on U$D movement, essentially being pulled along by the shares. At this point in time it is hard to say just how much further Gold will go, but shares may stall before Gold reaches its high. I was looking for $435 ($434.74 = 61.8% retrace), but that may be a little ambitious whereas $426.66 = 38.2% retrace and $430.71 = 50% retrace. I believe it's time to book some profits if you got 'em...

So anticipating a pull back consolidation and then an end of year move. Will be looking for that in the Aug-Sept timeframe, but that is not written in stone...