Gold miners’ stocks are priming to run, readying to resume powering higher with their metal. Despite gold’s weak summer-doldrums seasonals, gold stocks have enjoyed a stronger summer.
If the gold market continues to break, it could go to the $3264 level, about $80 lower, but it has upside bias as long as it's over the 18-week average of closes.
Gold momentum has slipped into neutral, with support holding near $3,300 and resistance capped below $3,400. Now coiling in a classic consolidation, any catalyst could break it out.
On the weekly chart, the market's caught in a congestion area. You're not getting any help from the swing line; you have a higher high and lower low, which means sideways action.
