ajtj99's Market Pulse

[Justa Werkenstiff]

C: There is a rare covergence of overbought indicators on the daily, weekly and monthly charts for the XAU. Moreoever, this period is not good seasonally for gold.

The XAU has now topped in the area of the 1996 highs and the 1987 highs. Are those two major highs ten years apart? I think so. What year is this? Is it 2006? Is that ten years once again? Sounds like it. So, as bullish as one might be on gold, does one think that 10 and 20 year resistance will be taken out in one try?

Short term the 60 minute chart on the Xau is oversold and if we close on the lows there is the possibility of a gapper up in my mind. So I am covering more here.