JULY 24 - Pre mkt
I spent some time yesterday researching, since we are at a point where some people are ready to throw in the towel in GOLD , others arent.
Some are saying that "GOLD is weak here (And miners) and if this were a 2nd daily cycle...it should have blasted off by now. It has no follow through & is too weak." Others even think (And it could be) that "Maybe a 2nd DCycle may not have started yet...maybe we are still in an extended 1st DCycle?" I began to wonder myself too. Since We have no overhead trend line break, it IS a possibility that we are still in the 1st DCycle , even if they "Run the stops " here in GOLD and it dips below $1292. It could recover. We are selling off pre-mkt, as mntioned yesterday, there are signs of weakness, however, I am not THAT concerned yet.
$GOLD - So Lets look at some charts-
GOLD - is selling off in pre mkt , but this chart shows that its not that bad. Its still a normal pullback using Technical Analysis, so we'll keep our eyes on things.