$105.25 a close above that level will start a test of previous highs at 107.68 higher oil costs will have an impact on everything around the world from food to mining operations.....its inflationary until it turns deflationary.......jj
Gold is at that key level $1292 a close below sets up next support at $1285....next Thurs close for the month of July is going to be very key!!Gary now that $1292 has come into play is there a reversal # , cycle date, that would suggest a bottom is in, or will it be like the June low a close back above ???....$1306....on the daily action suggesting a bottom, a double bottom.......jj
Unless a short intermediate cycle were to develop then the next intermediate bottom won't be due until Sept. or early Oct.That doesn't mean gold will drop hard till then. I expect it to be a grind but taking out $1292 sets up a failed daily cycle and that usually means the intermediate cycle is now in decline.
Thanks Gary....."IF" the bull has returned to the Gold sector holding the 200dma is a basic must do, that comes in at $1287 and so far gold has traded at $1286, the Bulls will not want a close below the 200dma, so far so good.I agree with your comment at KER, the levels of which Doc see's gold and silver hitting are not in anyway chart positive.... holding $1292 and $20.50 is the line in the sand, or your outcome into Sept-Oct could unfold.Started a short position when the $1306 Fib level didn't hold, I want to be long but Price is everything!..................jj