Weekly Bear: We’re Cautiously Optimistic on Gold…
As you know, I’m not a gold bug, but I respect those who are, and I track the yellow metal weekly in the Wall Street Examiner Pro Trader Precious Metals service. Lately, my outlook is cautiously optimistic.
Here’s a glimpse into a few of the highlights from my latest issue (May 29).
Gold Long Term
After testing 1290, gold is holding at the support trendline with help from a selloff in the broad market, but the situation remains precarious.
Gold may have put in a 13 week and 6 month cycle bottom. It needs to clear 1310 to confirm.
Current cycle signal status on gold stocks as of the close on the most recent full trading day in New York was as follows: The numbers bounced a little last week keeping a barbell pattern with 6-7 week and 6 month cycles still positive but 13 week cycles still negative and a drag on performance. All 3 cycles need to be in gear for a solid move up.
Have a very bearish weekend! As always, if you’re interested in making profits on the downside of the market, in addition to our ideas here
, you can check out Shah Gilani’s put play recommendations in Zenith Trading Circle