It's on in a still – this is called a breakout of this trading range and if you look at the Bollinger Band, you're now fighting it at $2159.70 to get under that number.
The most recent cup and handle pattern projects to $2350, and that cup is the handle on a larger cup and handle pattern that formed over the last two years. That cup and handle pattern projects to $2500.
The rally goes on. For the week, we've added approximately $40, almost 2% in price. The market has had certainly the series of moves to the upside that began late last week, and continued on.
Consider the real economic indicators this election year, with the robo-expansion of debt (what’s a few more $Trillion for the cause?) at this crucial time.
The market had what we call a kiss pattern; the 18-day average, a few days ago, went down, skirted right on the 200-day average, the market then came out of that and it lifted.
Oversold gold stocks riddled with capitulatory bearishness is an anomaly that will be short-lived. They are due to mean revert sharply higher with gold.
