Nothing on this chart yet is bullish. If anything it's keeping its bearishness: lower highs and lower lows. You're coming into the first support that you and I have been talking about night after night.
What can be said about the current situation is that $2010 is a buy zone, albeit for aggressive players. It can also be said that gold, silver, and the miners have often rallied from January to August during US election years.
The gold market is still in a corrective mode. The market is still caught between this break low off that high, when the market made new all-time highs here into the $2150s and then pulled itself back.
"Precious metals will also enter into a bear market at the same time, whereas the bond market may be setting up to crash along-side the equity market."
If you look at your support in the market on an 18-week moving average, it's back at $1993. So to negate the bearishness of the market, you've got to get back over $2041.90.
Gold and energy stocks fell this past week. Gold has a history of making important yearly lows in the December, January, and February period. Could it happen again?
“In a bear market many stocks will sell at 5 to 7 times earnings, while in bull markets the average level would be about 15 to 18 times earnings.” The “live” price/earnings ratio right now for the Casino 500 is 49.7x.
Bubble-valued stock markets are overdue for a major selloff. Gold’s streak of new records will drive bullish financial-media coverage, generating mounting investor excitement.
