Here is the weekly chart on Gold (GC #F-W). The last 3 major advances were 17, 21 and 20 weeks. Gold is now in week 21 off the last major low. There is a lot of support right below and price extensions above are listed. So far, two price extensions have been met on this rally.
If this is a more important high, then Gold may correct for a few more weeks. We’ll see how it shakes out. If the 20-day gets taken out it will start looking good again. If the 50-day fails, then the correction could get worse.
The daily chart of Gold shows that price is stuck between support and resistance. The 50-day is at 1,369 and the 20-day is at 1,382. Again, this is a very important week for Gold. There are setups in both directions, so expect some chopping around before the trend is established.
Crude Oil (CL G1-D) is in an 11-day trading range, sitting on top of support. Expect a decision soon on Crude Oil and Energy Stocks.
Here is a long-term weekly chart on the Euro (6E #F-W). It is in a downtrend, with support a few points below, but the Euro can get pretty nasty if they want to take it much lower. The Euro has been a good indicator of risk appetite, so I will be watching it closely.
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