Gold Starts to Stir a Bit, But Climbs Grudgingly So Far

Despite a wicked oversold condition generated by the post- Trump upside explosion in equities and the elimination of larger-denominated cash bills in India (triggering an exodus out of Indian Gold and Silver into lower denominated bills) since Nov 9, about the most constructive I can get about the precious metals at this time is that they have stopped declining (since last Thursday).

That said, the recovery rally in Gold from $1122 to $1142.63 is approaching the breakdown point ($1151) from the Falling Wedge Formation, which now represents key resistance.

The ability of Gold to claw and sustain above $1151 will be a preliminary signal that a significant low has been established.

Thereafter, a climb above $1165.27 is needed to confirm the turn in Gold.