Is Gold Out of the Woods??????

Gold had a nice rally BUT is still trading below its recent highs. A single day's trading does not change a trend and the trend in gold is DOWN. A down trend is defined as lower LOWS and lower HIGHS.

So what do we have here since I last posted?

Bullish news, the recent low $1806.10 is HIGHER than the low in May of $1792.00. If the recent low holds, then there is a HIGHER low in place. In order to break the Down Trend gold needs to take out the recent HIGH of $1882.50.

So what we have is a "potential" for a change in trend and nothing more.

Silver is in the same situation as gold with an even Higher Low, so silver is in a slightly better position for a change of trend.

The mining shares are still in a defined DOWNTREND with almost zero chance of turning into an uptrend. The HUI posted a new LOW today before rallying. The HUI now has a LOWER LOW consistent with a DOWNTREND. We could be forming a base BUT it will take much more to change the trend.

Any way that is how I see it.

Peace out and Stack On!