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This Past Week in Gold

SPDR Gold Trust Shares Daily Chart
GLD - on buy signal.


iShares Silver Trust Daily Chart
SLV - on buy signal.
Prices rejected at 200ema resistance.


Market Vectors Gold Miners Daily Chart
GDX - on buy signal.


XGD.TO Daily Chart
XGD.TO - on buy signal.


Central Fund of Canada Daily Chart
CEF - on buy signal.


SPDR Gold Trust Shares Daily Chart 2

In 2012 when gold made a double bottom in June and with prices rallying in the summer months, some analysts were sure that the bottom was in and gold was destined to reach new highs. Obviously that did not happen as it was merely a consolidation which broke down in 2013.

Gold again made a double bottom this past December and with prices well off that Dec low, we are now hearing similar calls.

May be, may be not.

Until prices can break above resistance near 138 on GLD, this is just another consolidation within a bear market.

HUI Gold Bugs Index Weekly Chart
The chart above tells the story.

Summary
Long term - on major sell signal since Mar 2012.
Short term - on buy signals.
Gold sector cycle - up as of 12/27.

 

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