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Did Gold Dodge a Bullet Today?


This morning, the bears had a chance to inflict some serious damage to the base-like pattern that is developing in spot gold.

I guess that the weaker than expected jobs data saved the day, or at least pivoted perceptions in their tracks about any tapering or tightening anytime soon.

That aside, purely from a pattern perspective, doesn't the June-Aug pattern in gold resemble a cup and handle base?

If that is what this is, then gold ended a pullback this morning, and started a new upleg that suggests the handle portion of the pattern is complete.

A climb above $1340 should trigger a powerful follow-through that points to $1400-$1420.

Only a break blow $1270/65 wrecks the developing constructive set up.

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