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Stock Market Bulls Are Running Out Of Steam

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Despite a recent correction in…

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This Past Week in Gold

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

iShares Silver Trust Daily Chart
SLV - on sell signal.


VanEck Gold Miners ETF daily Chart
GDX - on sell signal.


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

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


US Dollar Index Daily Chart

USD - we were hoping for a pullback on the dollar to establish trend line support, and it happened all in one day on Friday. Prices must not break below the May low to maintain our bullish outlook on the dollar.

Summary
Long term - on a new major buy signal, ending the major sell signal from early 2012.
Short term - on sell signals.
Gold sector cycle - is up.
We need to see some follow thru buying next week to suggest that the pullback is complete.

 

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