This chart tries to demo gold price, dollar and interest rate can go same direction at times. So rising dollar and rising rate do not necessarily mean lower gold price (but most of the time, yes).
Miners working on a bullish engulfing week so far and a right shoulder against the metal. If symmetry is any guide, hints that we will have maybe another month spend in this bottoming IH&S formation. Cheers P
The piercing line candle in the Juniors/Large miners got confirmation and the NUGT trade opened. Needs a lot of work, as PM complex is in a downtrend, but the chart present a possible ABCD, a C&H pattern, a falling bullish wedge that is about to break and everybody I know or I read is bearish or short gold and miner stocks. A lot, and I mean a lot of junior...
Juniors/Large producers ratio put a piercing line candle yesterday in the daily (not shown), right at the last weekly support/demand zone. If confirmed, might be a good signal that Gold has a chance to go higher like the last time it happened and fight the outside weekly reversal which is an ominous sign on its own. A close above 1,52 in the ratio will be good...
Looks like GLD is rounding out it's 2nd shoulder to complete the inverse head & shoulder formation from the Dec/Jan low. Inverse shoulders are bullish patterns in the long run. Looking for a run to $135 then expecting possible resistance. All in my opinion.