Golden Goose?
Optimism for the precious metal has seemingly dampened down, and with good reason when looking at the MONTHLY chart below with consecutive bearish shooting star candles. The daily chart has some things to be concerned about as well as the break from the bull flag above 2200 achieved its measured move to 2400 (from the very round 2000 figure where the flag pole started). One can also see how it is clinging to the important 50 RSI number a bit too long and give it credit after a tough May against silver it is making a lukewarm comeback against the industrial metal although that may be more because of the latter’s weakness than gold strength. Keep an eye on a bearish ADX crossover on the 28-session time-period (red line crossing above green line) and notice the black signal line there was still pointing lower as the PRICE of Gold rose in early May showing a negative divergence. The WEEKLY chart shows 3 of the last 4 all CLOSING at or in the lower half of the WEEKLY range. Overall I am still bullish on the metal, but think one can get a better basis near 2250 before the next leg up.