In the daily gold market chart, you've got higher highs, higher lows: bullish. The market is over the 18-day average of closes now for four days: bullish.
In the weekly gold chart, we're making a run back to what I thought would be the first resistance point of the 18-week average. It was 1972.10 then. It's moved up a half a point.
The market has a decision it will make in the coming weeks as to whether we get a larger degree top struck in the near term, or if we are going to set up to rally to the 4800SPX region next.
Changes to solar panel technology are accelerating demand for silver, a phenomenon that is widening a supply deficit for the metal with little additional mine production on the horizon.
The bottom line is gold technicals are very bullish after this upleg’s latest pullback. That has pounded gold back down near major support, eradicating early May’s serious overboughtness. Yet this strong gold upleg’s uptrend channel is intact..
I advised subscribers to take profits right at this trendline ahead of the jobs report. I was expecting that there would be an attack; it's occurred a little bit earlier than expected.
