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Gold is having a strong day here, on both an absolute and a relative basis, trading up another +2% to $855/oz.

This is all the more impressive given that the US Dollar continues to gouge price re-flation in pretty near every other asset class. When there is a Credibility Crisis in the banking sector, gold has its perks.

Below we have outlined the bullish intermediate “Trend” line for gold that remains formidable at the $808 line, but also has the shorts covering all the way up to the $835 level, perpetuating this up move.

I have an immediate term “Trade” sell line (dotted red on the chart) up at $875, but that’s just for a “Trade”. The story the gold bears continue claw at is that we haven’t yet made higher highs for this 3-month cycle move. If we push over $920, that thesis will be under assault.

I currently hold a 6% position in Gold via the GLD etf. That’s a better than bad place to be.
Keep moving out there,
KM

Keith R. McCullough
CEO & Chief Investment Officer