Golds Allure:

Gold is digesting its move above the very round 2000 number which also happened to be a bull flag breakout and Monday retested it briefly trading to 1996 before firming up. It was the metal’s first 3 session losing streak since late February to demonstrate just how strong it has behaved. Looking at the GLD it CLOSED amazingly taut with the 3 weeks ending between 3/17-31 all finishing within just 55. of each other. Glancing at individual names that are worth a long look include AU which is on a huge 4-week winning streak with all 4 nearly CLOSING up double digits. This name needs to digest this move as it has an RSI in the mid-80s, or pulling back into the recent breakout above a 23.26 cup base pivot. Below is the chart of NEM which is lagging now 42% off most recent 52-week highs but it is consolidating above the powerful 14% WEEKLY gain ending 3/17 which was accompanied by the second largest WEEKLY gain in 4 years. So far this week is an inside week and it is on a 4-week win streak, impressive in that before this it has not registered even a 3-week win streak in the last 13 months.

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