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Gold has been a curious beast lately. It seems to be latched on to about $1300 as the right price, and it is oscillating – – in smaller and smaller waves – – toward that line, shown in red below. It will clearly break the bounds of the symmetric triangle at some point, but for those nimble enough, it’s been an interesting swing-trading vehicle, since it seems to be obediently painting out a tighter and tighter range.
Bulls beat the stats and repaired a lot of damage yesterday, closing with a clear break above the 50 hour MA. If that turns into support then the path is clear for a retest of the highs. If SPX makes a new high with any confidence then the next upside target would be rising wedge resistance in the 1930-40 area. SPX 60min chart:
