Gold follows through

The Gold Bugs Index followed through above 225 after breaking its descending trendline, suggesting that a bottom is forming. Bullish divergence on 13-week Twiggs Momentum strengthens the signal. Reversal below 210 is unlikely, but would re-test primary support at 190.

Gold Bugs Index

Spot gold similarly followed-through above 1280, suggesting a bottom. Again, bullish divergence on 13-week Twiggs Momentum strengthens the signal. Another retracement to find support is likely before there is a serious attempt at the September 2013 high of 1430, which would complete a large double bottom. Reversal below 1240 is unlikely, but would warn of another test of primary support at 1180.

Spot Gold

Silver is likely to follow gold. Breakout above $20.50 would suggest another test of $25.00/ounce.

Spot Silver

2 Replies to “Gold follows through”

  1. I am interested in the sugar chart. Sugar seems to show strong buy signals and price action seems to be very strong every 8 years (2014 being the eighth year). Can you throw some light on these theories.

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