::: GOLD DecisionPoint Weekly Wrap ::: By Carl Swenlin | March 31, 2017
The DecisionPoint Weekly Wrap presents an end-of-week assessment of the trend and condition of the stock market (S&P 500), the U.S. Dollar, Gold, Crude Oil, and Bonds. We have a happy coincidence with Friday also being the end of the month, so we can wrap the week and the month in this commentary.
GOLD: As of 2/3/2016 Gold is on an Intermediate-Term Trend Model BUY signal. The Long-Term Trend Model, which informs our long-term outlook, is on a SELL signal as of 11/25/2016, so our long-term posture is bearish.
Gold nearly reached the level of the February top, but it turned down on Friday, hinting at a possible double top. Sentiment turned negative even before price began to top, showing that the positive sentiment of the prior two weeks was not deeply ingrained.
The weekly chart has a neutral triangle formation, but the PMO is rising above its signal line. Gold is basically positive in this time frame.
The monthly PMO is rising and above its signal line, making gold slightly positive in this time frame.
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