Too Early for Gold
The precious metals market remains in a corrective and defensive phase. We're keeping a close eye on the gold market as gold prices test the lower end of the long-term weekly uptrend channel. Gold prices are testing uptrend support at the same time that the U.S. Dollar Index is testing long-term downtrend resistance. We are at an inflection point in the currency and precious metals market and we're watching to see if the corrective move in these markets (bearish corrective phases in gold and bullish in the dollar) has run its course, or if we are at the point where a secular change develops.
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