Loading ...$GOLD, HUI – Daily
Gold rally halted at 50EMA, so far. Notations left on the chart are dates and trend line proposed by Surf City and Norvast.
Bottom, or bear market rally? You decide.
If today’s HUI action is a breakout from a double bottom, then we’ve seen the worst. That is, “if.”
Nice gold chart Silver Fox, and not just because I get a mention.
I think Surf City would agree that it becomes a different ball game if gold breaks through his IC down trend line.
That will almost certainly mean the late Nov date will be a DCL and not an ICL (and that 07 Oct hosted the ICL)
Time is critical here as we will soon enter the timing band to find a DCH (daily cycle high) before gold moves lower into the late Nov time-frame.
I have two dates that are important 03-04 Nov and 15 Nov.
We also need to keep an eye on the USD as it has had a very bullish long cycle and may move into it’s DCL quite quickly which will not be so good for gold.
The action for gold out of the 03 Dec 2015 ICL was muted for some time before it found it’s DCH during the trading cycle 1. Are we seeing a repeat?
As always time will tell….and very quickly!
Today will be a tell.