Hey all, what a crazy day! Tried logging in from the office, but I think they blocked the url….maybe they figured out I’m spending too much time reading goldtent :X

Anyway – I’ve been through enough days like today to understand it was most likely a reversal day. And when gold pops $10 on a little rocket man rumor that’s been around since early this week, you know shorts are fragile & bulls are eager. I’ll just post a quick summary of what I’m seeing.

Gold daily looks good but hasn’t broken the falling wedge yet. Still today was hugely important reversal day and I believe probably the short term bottom. The gold weekly candle is what makes me feel even better, notice it held the mid-bollinger band which acts as support sometimes.

GDX daily looks great- has broken out of the falling wedge & closed above 23.50 daily resistance. Also notice every past wedge breakout has resulted in price going considerably above the mid-bollinger band line. So that’s what makes me believe prices will continue higher in the short term.

As for the USD/JPY, well it’s still up in that 112.50-113.00 range. But what I noticed is that instead of rising into the end of US trading today, like it has the past 3-4 sessions, it actually sold off into the close (read: reversal day). So everything is looking great to me.