Gold at the Apex

Gold price chart

Chart by Steven Sarnoff h/t stockcharts.com

As you can see on our daily candlestick chart, gold shares have been consolidating for three months.

They’ve reached the apex of a large pattern that implies the likelihood, not the certainty, of a continuation higher.

The negative influence of a short-term downtrend came into play today.  The positive influence of a longer-term uptrend awaits just below.

Something’s gonna give.

We’ll see how it breaks out.

A weaker US dollar and the probability of the pattern have us thinking the Midas metal will shine.

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Best regards,

Steve

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