Loading ...Gold Bullish Either Way
While I have been focusing more on silver lately, gold continues to be very bullish. In a post a while back I said gold was going higher and that my first target for resistance was the area of convergence of the 50 and 200 day mvg. averages. We easily got there and have had the expected pullback. What I have been wondering the last week or so was which is more bullish? For gold to pullback to the 1780 area and than reattack the 200 day or for it to just go right back up and attempt to break thru. I don’t know which way it is going to play out but believe the 200 day is NOT going to hold gold back for too much longer. 
CM, Your interpretation is certainly one possibility. A bear flag could also be forming. I posted on another forum the daily and monthly chart for the Japanese yen. On the daily chart price just broke out of an inverse head and shoulders with a back test to the neck line yesterday. However, it still needs to get above 93 to break through a trend line previously formed. As you know, gold and the Yen correlate quite well, so maybe, just maybe the breaks above 93 and gold price follows, Not withstanding the $USD chart just posted by FGC.
Hear what you are saying. We all look at different assets and ratios to put things in context. I personally don’t pay much attention to correlations when it comes to gold and silver. I want to know what they are doing and what their charts show. I consider everything else pretty much noise. Just my personal perspective.