Gold printed its lowest point on December 3rd since it peaked back in September, 2011.
Gold consolidated for about a month before breaking higher. Gold closed above the upper daily cycle band to confirm that gold is not only in a new daily cycle, but a new intermediate cycle as well. But the question remains: is the gold bear over?
The 50 week MA has been providing resistance during this gold bear. In order to have confidence that this gold bear is over we need to see gold close convincingly above the 50 week MA and print a higher weekly high.
A break above 1191.70 will form a higher weekly high and signal a new …