2 BULLISH SIGNS IN GOLD LAST WEEK

  • The USD was higher, Gold, Silver & Miners were not phased by it.
  • Remember that last week was known as the Chinese Golden Week, a week-long holiday in China where Gold has sold off sharply ( $40 – $60) over the past few years

    • Well, Gold closed Higher the Golden Week, with the USD rising.

    Gold Weekly – That is a nice weekly reversal higher, despite the headwinds mentioned above.

    Gold Weekly – We could see buying next week that pushes Gold above its downtrend line. Last week I mentioned that on Chinese Golden Week, the losses of $40 – $60 were often regained in 2 days the following week when the holiday ended.  The Golden week holiday has now ended with no loss.

    Gold Daily – Last Week

    Silver Weekly – Silver still holds above the shake-out.

    GDX Weekly – Miners held above their shake-out.

    What was surprising about Monday? It was this- Gold dropped over $17 and the Miners fought their way back to green…

    GDX:GLD – I discussed the bullishness when Miners lead Gold, so this is how Golds drop & Miners POP affected the GDX:GLD ratio. Bullish.

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