Gold @ 1306, but Check the Big Picture

Here’s today pop in gold…

gold

Okay, so what does this mean?

Here are some words and charts from NFTRH 462…

Gold’s daily chart continues to hold firm at 1300 resistance; this despite a week when the most powerful macro market conspirators were clustering in one place and exercising their jawbones in the form of expectations management.

1300 was the original ‘bounce’ projection and so technically speaking, it is still a bounce only. A successful breakout above 1300 would target close to 1400.

gold daily chart

Let’s add more context with the monthly chart. Hmmm, if August closes in this condition we are going to have a very positive signal. This week will be interesting, and telling. Notice how the measured target above meets lateral resistance on the monthly? Incidentally, if the time comes that gold gets above 1400 you would be looking at a confirmed new bull market.

gold monthly chart

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