Nothing Again

by JDH on September 2, 2017

It’s the long weekend, the weather is supposed to be decent (unless you are in Texas), so I will keep this very brief and say nothing much of anything.

Gold is at it’s high for the year, so the next resistance level is the magical level of $1,337, hit on election night on November 8, 2016.  A decisive breach of that level puts gold back on a bull course.

The close on Friday at $1,322 gets us close, and intra-day it did get to $1,329, which is very close, but close isn’t enough.  A decisive closing for a few days above that level is required.

My gut feel is that a year from now gold will be much higher, but my gut also tells me that we need one more pullback before that happens.

Let’s watch and wait.

Enjoy the long weekend.  Perhaps I will have something intelligent to contribute next week.  Probably not, but it could happen.