Gold Report
Courtesy of Chris Vermeulen www.GoldAndOilGuy.com
The bullish percent index tells us the percentage of gold stocks which currently have a point and figure buy signal. Looking at the charts below it looks as though precious metals are trading at support. I am inclined to think we will get a bounce this week for gold and silver.
Hui:Gold Ratio
When this chart is trending up gold bullion and gold stocks are in favor and rallying. This ratio is currently at a support level which is pointing towards a bounce in the near term. This is a weekly chart so we could be 1-2 weeks away before it shows up on the chart.
HUI – Gold Stocks Index
This is an index of gold stocks. We saw prices breakout and rally in May but now they are testing support. They could go either way quickly from here.
Gold Price Action – GLD Gold Fund
As you can see gold has pulled back from resistance is now at a possible support level. From looking at the HUI:GLD price performance and stochastic indicator at the bottom of the chart which is now turning up, it points to higher prices for gold in the short term.
Categorised as: Gold Charts, Gold News