Gold’s short term cycles have entered up phases but they haven’t shown anything so far and aren’t likely to. The longer swing cycles have yet to indicate that they’ve bottomed, and they still have lower projections. There’s still risk that they’ll be reached over the next month or two.
Over the past week the mining sector generated 19 charts with a second or third buy signal on Monday, and no multiple sell signals. Sounds good, right? Non-subscribers, click here for access.
This market reminds me of the old Perry Como song. “Catch a falling knife and put it in your pocket. Never let it stab your leg.” Bottom picking for counter trend rallies in bear markets is not my favorite pastime. But given that any bottom could lead to a big rally, I will put one big toe in the water, and steel myself for its amputation. So, from my bottom picking perspective, I’ll go with XXX, tracking it as of the opening price on Tuesday. And, what the hell, XXX has room to pop, with nice positive divergences in the indicators, so I’ll add that as well. Non-subscribers, click here for access.