Following the February long-term sell signal, and the secondary signal elicited at the end of last week (Friday, April 12), Comex Gold (June) is very close to testing its 1353.30, 3-5 week target objective, which can contain selling through May activity. Keep in mind we expect the 1285.60 – 1303.90 region over the next 8-12 weeks (days?), with later 1213 allowing 1086.50.
What’s more, the active Gold ETF (symbol GLD), has slipped through it’s near-term 133.96 target, with a daily settlement below 133.96 allowing 123.85 – 125.67 within the week (given heightened volatility), able to contain selling through May, possibly into summer trade.
The newsletter and video contained within the previous post shows all the technical details. Stay tuned!
Last week’s Gold sell-off elicited a secondary sell signal in both COMEX Gold as well as the GLD ETF that should continue to play out over the next 3-5 weeks. This occurred within the context of February’s long-term sell signal that is expected to weigh on this market into later year.
The printable PDF newsletter lower left provides this week’s key support and resistance levels and relevant near-term charting for both Comex Gold (June) and the GLD, while the 10 minute video just below it provides full commentary, and a deeper level of long-term analysis not available within the printable letter. The video is expandable to full-screen.
If you have any questions shoot us an e-mail, or if you’d like a free trial in the Weekly Gold Letter either send an e-mail, or fill out the free trial form at right (please mention “Gold” in the additional comments field). Thanks!