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.
A piece of bear news that in theory means interest rates higher, a headwind for this market, didn't drive it to new lows. That was a sign to me that maybe we're getting to the end of this decline in gold.
America’s Independence Day holiday is over. Sadly, now it appears to be mostly about independence from gold… with macabre dependence on debt, fiat, and violent meddling in faraway lands.
In the gold-silver ratio, silver is starting to assert itself against the gold market now. That correction where silver was losing to it, if it stays like this, then you can say the opposite is happening: silver coming up, gold going back down.
Gold and silver prices have both seen impressive jumps this year, with gold coming within cents of an all-time high, and silver also flirting with price levels last seen a decade ago.
Barrick has showed tremendous relative strength, holding its low, a great sign for the sector as a whole. A lot of open candlesticks indicates buying pressure.
