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| Gold Futures (Aug) Daily |
Gold is poking up through a descending triangle pattern that has been in play for a few months. If it's a fakeout move, it will most likely fall back under 1600 within the next few days. I don't believe it's a fakeout though... and if it comes back down to the 1600ish level, I'm betting the bulls will step in and hold it. There hasn't been a noticeable change in the Hulbert Gold Sentiment data since I posted it
HERE. In addition to that, the latest Public Opinion data from Sentimentrader.com (updated every Wednesday) is showing a bullish reading as well. All things considered, as we head into the strongest few months of the year, I'm more interested in buying the dips than selling the rips.
