Eight month follow up to the December 27th buy signal.
After reaching the upside price target in gold of $1375, this months update shows that the XAU/Yahoo advance/decline line finally broke trend on August 19th, and then really took it on the chin this past week from the heavy jawboning we heard on the interest rate front that eventually came to a head on Friday with hawkish talk coming out of Jackson Hole by the Fed Chair herself. The technical expectation for next week is for the precious metals stocks to begin to snapback to or toward its rising trendline marked on the chart, and then we'll see whether we get a high level consolidation or a change in trend in September.
As a follow up to the post I made in early February when I shared that I opened my position at $102 in December, I closed out my position in GLD on Monday at $127.60 when the SAR was hit that morning for a gain of about 25%.
Fib
Edited by fib_1618, 28 August 2016 - 04:15 PM.
