Friday, December 16, 2011

Gold Cycles and CITs

The 55 and 89 week cycle  have topped the Gold market at the September 2011 High

If we see a weekly closes below its 3rd uptrend line/Up channel this Friday, which looks like that is what will happen and hasn't happened since November 2008 (last 3 years), it is a major weekly sell.

We should watch for a retest of the broken channel line next week or so.

We also took out the last swing Low at 1594.80. Next support is the 38 and 50% retraces and majoe support is the 2nd up Trend line. 

Longer Term, Gold is still in a Bull Market, but we should see a multi-month retrace, if we close below and stay below the 3rd weekly up channel.

The Gold Index is near daily trendline support, suggesting at least a bounce is due.

Future Gold CITs (Change in Trend): 12/21, 12/27, 1/27/2012

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