Gold’s punk price action this week has turned me mildly skeptical, but I’ll follow the bullish lead of a subscriber who saw encouraging signs on Thursday. He posted as follows: “Just to let you guys know, [something happened that] I haven’t seen in a very, very long time: NUGT is up 16%, many of the miners I follow…are up quite a bit, and Gold is not down. This is a telltale sign that Gold…is ready for a launch.”
Perhaps. But if this is so, we should see the futures develop a head of steam on Friday that would allow it to punch through the 1147.55 midpoint resistance shown (see inset). A close above that price by Monday or perhaps Tuesday at the latest would be reason to take encouragement. The foregoing would hold true if the futures first go lower, creating a new point ‘C’. That would lower the midpoint and the rally target without diminishing their importance.
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