
Although a holder of Gold, I recently was looking for a pullback to 860'ish in Gold before possibly moving back up. From the chart you can see it first broke above the trend line and checked back up at the 870 level before launching the next assault on upward resistance. Gold has now broke and closed above this trend line twice which is a medium-term bullish signal. However, I still would not rule out pullbacks at any time but would see these as buying opportunities. Gold takes the stairs up and the elevator down and the more crowded the trade gets the more exacerbated these moves get.
I have a hunch that when you see a complete parabolic move in Gold, similar to oil last year, then we will either be going to War or nearing the end of the "Great Recession". This will be a long ways away.







