Launchpad ?
So here we are in the $1270-$1290 area. Yesterdays pop was nice, and I got my little rocket out again (been hiding it away recently). Is it just me, or do you get the feeling that this is the final chance for gold to prove itself ? All the bullish charts I’ve posted, all the evidence I’ve shown – I fully acknowledge that it’s not impossible for me (and other bulls) to be wrong. If we’re right though, this is perfect timing. PM traders are about to return from their Summer sipping cocktails on some tropical beach. The SM is seeing signs of weakness if you look under the surface, the cycles are in our favour and $1300 is in touching distance. The time for talking is almost over. It’s a high volume surge and rocket launch for PM’s, or its crash and burn. On the launchpad, countdown is commencing…
So far the upside volume in gold trading has been very muted. If its going to breakout to the upside to break the 6 year downtrend there has to be a LOT more volume than we’ve seen lately. I don’t see that happening.
It looks good to me but will believe it when I see it. Still think its some weeks away when hopefully the broad markets gets a real pull back. Don’t know about miners…
It may be a few weeks away. My feeling is that it’s no more than 4 weeks away. Either way $1300 is very important and the charts I’m looking at are favouring an upside breakout in coming weeks.