Another day, another up trending price bar and not much has changed. The market continues to head for its showdown with the 1062.74 and 1063.01 levels while we move ahead trying to form the 9-13-9 “sell” pattern on the daily chart. If this pattern is to play out the bulls will need to keep the rally going through the rest of the week. To get bar #7 today requires a close above 1044.14.Notice in my first line I wrote that not *much* has changed. One thing that has is the TD Demand Line (dashed up sloping green line on the chart). That line sits at 1045.76 today but at this point is no more important than the 1044.14 mark.
Bottom Line: Still bullish until after September 21 (Autumnal Equinox) at which time I will re-evaluate. Watching closely to see whether 1063.01 will be broken.
P.S. on the World Gold Index. On the daily chart we have perfected a 9 bar TD Sell Setup and completed a TD Sequential “sell” countdown. The calculated risk level is at 1029.6. The TD Demand line is at 1001.75 and will be qualified if broken and a move below 997.2 will “flip” the price trend. The price action continues to look like it wants to make a double top with the February high. However; being a longer-term trader/investor the bullishness on the monthly chart will not let me take any bearish action here. If I was long I would be thinking about my stops (997.2?) very carefully.
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