Big things are starting to come together (or unravel) folks. I know we’ve been saying it forever. This week potentially more than ever I think we are in the final few second countdown on the launching pad, so to speak.

The charts are saying all we need to know. The only caveat right now is Draghi speaking in Wyoming at 3pm ET – but aside from that, the charts are looking SOLID.

GDX –

Weekly: Finally! A confirmed breakout(in my books anyway). Has potential to hit top bollinger & push that band upwards.

Monthly: turning upwards & holding the mid-bollinger band well. Much longer term but I see upper 20’s before 2018. 30+ next yr.

 

USD/JPY

Weekly: Still holding 109-ish support. This will be the big determinator of what happens. But based on this week’s action, GDX miners don’t seem concerned (they typically lead gold). Once it breaks 109, next stop 106-107.

 

Monthly: Looking great as long as it finishes August below 110 (the more the better). Can’t hold the mid-bollinger band, which indicates lower prices in the longer term.

 

DXY:

Weekly looks terrible & Monthly looks downright scary.

 

Gold Futures:

Weekly: Closing at highs, looking to push upper bollinger higher. IMO 1330-1350 in the next month.

Monthly: Another great looking chart. Bollingers tightening & bounced off mid-bollinger.