Prices made a new closing high today. However, they never closed below the 10-day EMA in mid-June, potentially a sign of strength. Recent cycles have topped after 21-days, and we are currently on day 20. Despite making the new high, I’m not sure prices will stay there for long. I will be watching for underlying weakness tomorrow and Friday. If prices continue higher, then the mid-June low was truncated, and prices could rally sharply.


Note: Miners were up again today, but they didn’t impress with strong closes. The second quarter ends tomorrow, I will update the Gold quarterly chart then, and we will determine if the Major 8-year cycle in gold bottomed or not (noted in the 6/25/2016 Weekend Newsletter).