Anyone notice the impressive volumes on GG and KGC yesterday? Some are advancing on strong volume and others on lighter volume giving us mixed signals.
MACD gave us a buy on gold on 6/13.
stockcharts.com[d,a]dacayyay[db][pb50!b200!b18!f][vc60][ila4,10,3!lm12!lb14!lya7,14,28]&pref=G.
Now if we can get above Saville's 18-day moving average for confirmation.
The HUI and XAU indices have been in classic triangular continuation patterns. On the HUI for example,
stockcharts.com[p,a]dacayyay[de][pb200!b21!f][vc60][iut!Lb14!Lm12!Lya7,14,28!Ld20!Lp14,3,3!La12,26,9]&pref=G
draw a trend line connecting the 6/04/02 and 9/19/02 tops then the 7/26/02 and 11/22/02 lows and you'll see the pattern busts out at the end of the triangle to test the top then retreats back to the apex and then goes right back up to close above the high .
Does anyone know the volume on the HUI yesterday? The XAU on the other hand has yet to test its high and needs to close above 83 on heavy volume (25 million plus).
We've been consolidating for a year now and the next leg up looks to be a monster. But of course the big question - do we continue to go up from here or do we correct into August? It seems to me that we'll soon know as the HUI and XAU are at the make or break points. Then again, the dollar continues to consolidate in the .92-.94 range and this could go on for a few more weeks. |
