• 12 hours Italy’s Central Bank Embraces Sustainable Investing
  • 15 hours Trump Lifts Metals Tariffs To Cool Simmering Trade War
  • 18 hours Researchers Push To Limit Space Mining
  • 20 hours Could China Start Dumping U.S. Treasury Bonds?
  • 1 day Is Winter Coming For HBO?
  • 2 days Rise Of EVs Signals Peak Gasoline
  • 2 days Jeff Bezos Doubles Down On Space Colonization Ambitions
  • 3 days Gold Mining Stocks Stuck In Limbo
  • 3 days Executive Order Targets Huawei Over Espionage
  • 4 days Why Now May Be The Best Time Ever To Hold Gold
  • 4 days Fake News Sinks Shares In UK-Based Bank
  • 5 days De Beers To Build $468 Million Diamond Recovery Ship
  • 5 days Moody's: Turkey Faces Possible Credit Downgrade
  • 5 days Tesla's Solar Sales Are Slipping
  • 5 days Auto Industry To Get Temporary Tariff Relief
  • 6 days Welcome To The World’s Biggest Free Trade Area
  • 6 days Central Banks Are Stockpiling Gold At The Fastest Rate In Half A Decade
  • 6 days U.S.-China Impasse Threatens Rare Earth Trade
  • 6 days Wall Street Bears $1 Trillion Brunt Of Trade War
  • 7 days Mobile Sports Betting Isn’t Quite Minting Millionaires Just Yet
Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

  1. Home
  2. Markets
  3. Other

Golden Opportunity or Gold-Plated Trap?

Gold broke out of a small pennant formation on the daily chart last week and gained $18.80/oz. to close the week at $1,112.90. On the weekly chart gold printed an engulfing bullish candlestick. The breakout above 1,100 is bullish but the real test will be a breakout above 1,140. For now, the daily Coppock Curve is rising and has a ways to go before it will signal a top in gold. Cycles point to an important low during July and a rally for all of August. Seasonally, August is very bullish for gold.

Don't forget that gold moves inversely to the Dollar and I still expect one more rally to a new high by DXY. A triangle forecasts a minimum decline in gold to $1,000 and a 4 year cycle low is not due until the first half of 2016 keeping the long-term outlook bearish.

100oz Gold Composite Continuous
Larger Image

 


Get a FREE copy of the Hybrid Lindsay year-to-date performance review at SeattleTA.

 

Back to homepage

Leave a comment

Leave a comment