Back Into Gold

Received a signal late on Friday to go back into the miners.  I am hoping this is not a short whiplash like trade signal.

Was slow on the uptake and went in this morning instead, which did not work out as well as I hoped.

Nevertheless, the miner are holding the uptrend after hitting severe resistance at the $1800 level for bullion.

It will be interesting to see how they hold up over the balance of the week and into early next week.

Are we near, or have even hit an intermediate top?

Given the sideways consolidation in bullion, I wonder if we will see a continuation in lateral price movement before... BANG... a large move upward!

A downside consolidation is also a possibility to test the low $1700s.

We will see what signals the market gives, but for now I am sticking with longs.

The chart below shows one of my favorite juniors that had a nice upside break today on higher volume and with indicators that are pointing to further upside.