Model Gold Portfolio: Long, 11/20 (Today’s chart was produced intra-day so the closing price pictured is not really the official close).

Technical Read: GLD drifted higher from our bullish trend change signal. The current position continues to feature limited selling and thus would lead one to conclude higher prices for the yellow metal are ahead. I wish a happy Thanksgiving to the Mummy watchers!

Backdrop:

• Catalyst 1 – The US Dollar Index bounced to the upper end of the recent trading range but failed break out and is selling back down to the lower end of the range. A well behaved dollar (not trending higher) is positive for gold.
• Catalyst 2 – The S&P 500 has moved north of its previous range. This is mildly bearish for gold.
• Bond Trading Signals. I am offering a similar Mummy process for Treasuries. See the “Bond Trading Signals” tab for more info.

GH Garrett – Veteran Commodity Watcher for ConquerTheMummy.com