This is pure trend following. After a major breakout, we are next looking at Gold (GC) S/R (Support and Resistance Price Reversals) to indicate a continuation of the Bull run. Gold, on a long term basis, has been outperforming the S&P 500 Index since early May.
So next, have two S/Rs to look at. One is a relatively minor Weekly S/R, and, then a Major Monthly S/R. These two levels are $1,434 and %1,529.
Looking at the Weeklies going back 7 years, there is a major S/R (Support and Resistance Price reversal) at $1,365. We can see on the chart, each time it hits that price level it sells off. This is Bullish if it closes over on a Weekly and Monthly.
So this thing certainly is not on the Bullish Trend List.
Trend following the sell-off, The Gold Miners Index $GDM $GDX is testing another S/R (Support and Resistance Price Level) at $576.60. So this thing certainly is not on the Bullish Trend List. When it returns to a trend in excess of, or at a minimum of, 10% annualized over 200 days ma, it’ll be back on the Upward Trend List. This index is one of 20 we monitor.
Spot Gold (GC) (GLD) today, trading at $1,276, is under trend of 5% annualized growth rate over 200 days, and, under major S/R (Support and Resistance Price Levels), both March Monthly and Weekly. S/R is $1,281 on this chart.