Replies to post #38471 on GOLDBUGS AMEX Goldbugs Index (GOLD)

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GOLD - Weekly Wrap -- Still Topping
By Carl Swenlin | July 8, 2017

GOLD

IT Trend Model: NEUTRAL as of 6/29/2017

LT Trend Model: BUY as of 4/12/2017

Gold has dropped down through the double top confirmation line at 1215, although it is not a decisive break. Nevertheless, the minimum downside target is 1130, which also happens to be the 2016 low. With the dollar showing weakness, we would normally expect gold to be performing well, but that is not the case, so I am very concerned regarding the longer-term outlook.



The weekly PMO crossed down through its signal line, generating a SELL signal. I have to think that the rising trend line will be challenged in a few more weeks. . .



http://stockcharts.com/articles/decisionpoint/2017/07/decisionpoint-weekly-wrap----still-topping.html

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