Interesting day today, Gold had a huge day gapping up over our key indicator signaling a BUY/LONG Alert. Gold has been in a wave 4 triangle (according to my count, but I’m in the minority), and has been chopping back and forth with huge gap openings that rip the faces off most traders. But as I noted, I’m in the minority with my count. The rest of the world is calling for extended downside for Gold. As I see it, Gold is set to make another push up to new highs. I’m staying cautiously bullish on Gold as long as GLD holds above 148.
The NYMO did trigger a buy today, as it closed back inside its lower BB. this should be good for at least an immediate term rally for equities. We’ll have to wait and see what the charts look like in a week to know whether the bottom is in yet or not.