So far, so good for those aboard the gold train. As we have noted many times in the past, traders are prone to taking profit prior to obvious resistance areas; that phenomenon seems to have transpired again as the gold price turned around just $10, shy of the $1800 mark. Price is likely exhaling before a true test of the $1800-10 level, in this trader’s opinion. At worst, bulls wasn’t the yellow rectangle to hold up as support; its lower boundary is $1710.
Special attention to the gold/silver ratio is merited here. As we had pointed out, the ratio was on a path for a collision with a major confluence zone of support/resistance; that weekly chart is updated below. As it stands, the prior upward-sloping trendline seems to be morphing into resistance, along with the 50-week moving average.
As we have suggested, gold miners- on aggregate, like to follow silver’s path. Another update on the weekly chart of the 2x leveraged Canadian gold mining ETF ticker HGU. Although the entire sector would likely consolidate with gold if it should fall to $1710, the open gap still remains the longer-term target for the brave who can stomach the volatility that is certain to come; it is no coincidence that momentum in miners and the gold/silver ratio are currently at exact opposite poles.
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