Blood Moon Rising

On Friday July 27, a lunar eclipse will occur that at 1 hour and 40 minutes, will be the longest eclipse of its kind in 100 years.

It is interesting to note that often market tops occur at or within a day or two of a full moon. 

While we have expected the gold market to bottom and turn up as we discussed on a recent post, the process is taking longer than anticipated.  Perhaps the psychology around the yellow metal will finally change over the next few days with the eclipse/full moon as the trigger.

We also note that the commercial net short position in gold is now getting quite low, we will get a new number on it Friday afternoon.

Interesting to note are the exceptionally tight Bollinger Bands on the GDX gold mining stock ETF chart.

Let's look at the charts: