This is a huge week for gold and silver (also palladium; has anyone noticed its RSI is at 73?). I expect some dramatic price action. So many long term charts are at critical points. I'm pretty much in cash except for some GLD puts I bought over the past week.
|Gold has to shit or get off the pot. Starting to look like it's rolling over:|
Gold in euros looks better than $GOLD, but it too mustn't fall >2%
An important trend line will be broken on the $GOLD weekly chart if price drops below ~$1695
You can see that on this 1.5 yr chart, too. A drop below ~$1695 and it's a free fall.
The $GOLD:$CRB chart, which I interpret as gold's "safe haven quotient" is also nearing critical parabolic support.
The $HUI has about 5% slack before it's free fall for it too.
The month of November did close more or less within my 40% trend channel, as I expected, but not a micrometer of slack.
Here's the monthly candlestick chart.
I don't expect a weekly close below the 34- and 55- wk MAs, but that's still 10%. Come to think of it, I'll buy some SLV puts Monday if price is flat.