Nothing much out of the ordinary yesterday other than that Gold was able to close above its 10 day moving average. This again is a bullish sign for Gold. In saying that , if we are in a A-wave advance, these advances rarely make new highs. Therefore it is highely unlikely that we will top $1923 in the short term on the Gold index. Now Gold has already been at the $1800 level at the start of November. There are investors saying that this pivot could be the A-wave top. Personally I think not but of course there is a possibility as A-wave advances rarely make new highs. In saying that I still think it will test the highs near $1900 or at the very least penetrate easily through $1800. We have a pivot at $1700 which was nearly penetrated this morning (we would still need to see the Gold spot price close below $1700 to confirm that the A-wave has topped). It held firm at $1699.90. If $1700 gets penetrated easily and ens up below that point at close, then we have a problem on the Gold index.
Then we could be dropping down into the yearly low which always happens. Most investors will take profits at $1700 if this happens so it might be a good idea to lighten up on your positions if this happens.
The stock market I believe bottomed a few days agao and is now making its way at least back up to its 200 day moving average. Of course you are going to have volatility but in the short term, I believe the trend may be up.
