A Golden Bull?

Below is a snippet of Alex’s work from the past few days and his coverage of Gold.

 

(From Saturday)

2 BULLISH SIGNS IN GOLD LAST WEEK

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1. The USD was higher, GOLD, SILVER  & MINERS were not phased by it.

2. 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 this Golden Week, with the USD rising.

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GOLD  WEEKLY  –  That is a nice weekly reversal higher , despite the head winds mentioned above.

 

GOLD  WEEKLY  – We could see buying next week that pushes Gold above its down trend 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

 

 

(MEANWHILE ON MONDAY…)

 

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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