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Weekly Wrap (Gold) »» Daily & Weekly Charts
By: Carl Swenlin | May 17, 2019

IT Trend Model: NEUTRAL as of 4/16/2019

LT Trend Model: BUY as of 1/8/2019

GOLD Daily Chart: Last week I abandoned the bearish head and shoulders pattern for a bullish falling wedge. On Monday gold broke out of the wedge, promising better days ahead. But not so fast. On Thursday gold dropped back into the wedge, and the daily PMO topped below the zero line. Gold continues to disappoint without completely falling into a ditch.



GOLD Weekly Chart: The weekly PMO is below the signal line and falling. The next support is on the rising trend line drawn from the August low.



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