Bottom End of the Range

Model Gold Portfolio: Neutral, last signal 12/01 “exit long”

CTM141222Technical Read: I posted last time that the GLD 114 nascent support level (partially established Dec 5th and 16th) was not confirmed by nonlinear trading analysis. Today’s drop through the level confirms this opinion. We are still in the range (approx. 112-117.3, GLD basis) but rapidly approaching the low end. The next support level is 112, I think this is more likely to hold than 114, however a buy signal has not been generated yet. No signal.


  • Catalyst 1 – The UD dollar index has moved north and taken out the monthly highs. Dollar action is bearish for the yellow metal.
  • Catalyst 2 – The S&P 500 is not retreating from the near-term resistance (approx. 2080). Traders should be wary that a breakout is likely. A move higher would be bearish for the yellow metal.
  • Ponderable – May the mummy watchers have a considerable amount of Christmas cheer on the 25th!
  • 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