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Gold Acting Conspicuously Strong


All of the action in spot gold since around June 20 has the look of a possible intermediate-term base-like pattern, which is preparing for another thrust to the upside.

Let's notice that gold has consolidated its June-July gains from June 27 to July 11.

The price structure has taken the form of a bullish-coil formation (blue demarcation lines), that projects another burst of strength to $1318-$1324, and possibly to $1352-$1356.

Only a decline that breaks and sustains beneath $1267.77 will wreck my near-term "bullish scenario" for gold and the SPDR Gold Shares (GLD).

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