Breaking the Gold Bear

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Gold printed its lowest point on December 3rd since it peaked back in September, 2011.

gld daily

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?

Gold weekly 50 ma

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 …

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One thought on “Breaking the Gold Bear

  1. But the question remains: is the gold bear over? – No, it is not over.
    As I wrote a few months ago there is more to the downside. One 20 week cycle has finished and and now the last 20 week cycle is running, and we will see 18 month / 4/8/16 year Hurst cycle lows. This is just the up part of the 20 week cycle the down part should start soon.
    Look at miners – the move is a crap, clear corrective move bear flag, silver not following at all.

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