Long

Clean H&S on gold

By Lanmar

Updated

1820 would be the high target

Note

We are now above the May high in the Spot market (analysis above).

Now we closing in on breaking the last quarters high in the August futures market. August futures are only presenting a buy signal now...

A reminder on the gold to S&P ratio.. it just hit the 618 I've been waiting for. Pretty timely, isn't it?

SOME CLUES ON THE S&P 500? Gold vs S&P 500

Note

Potentially going vertical from here into all time highs in gold

Note

Metals doing what they do best.. shaking traders out from their positions.

Still intact.

Here's silver:

Note

Again, the fact that precious metals are testing patience is a good thing for longs. I don't like this price action like any other long holder. It's frustrating when we don't get smooth sailing, especially when you want to size up the position. I almost got stopped yesterday but my stops held and did not get triggered. If you're short the metals, pay attention to how yesterday's lows hold today. That should be key.

Longs, we really want today's lows to hold.

Note

Closed above on daily yesterday and continuing its run

Note

trend continuation.. still long.

Lanmar

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