I realize there’s been a lot of talk about gold putting in a top, and I’m aware that we are at longer term resistance on a multi-yr chart, however short term I’m still seeing bullish charts. Take a look at the following 15 min chart on a few random gold stocks and you’ll see a very bullish constructive chart. It moves up 3 steps, and gives back 2. The moving averages have a nice flow to them as the stock continues to push higher and volume seems to favor the bulls. I’m a big fan of the 15 min chart and I always look at it to see which way the smaller trend is moving and until I see these charts roll over on this time frame, then the longer term time frames should be safe for now.
One note of caution. This picture can change very quickly so you have to stay on top of it. Be on the lookout for double topping patterns and use it in conjuction with a 15 min of GLD while looking for breakdowns in the ETF.
