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Ben Kramer-Miller, a fundamental gold stock analyst who I keep an eye on, recently had an article at SeekingAlpha called Gold’s Bull Run Has Not Yet Begun. I remember taking note of the title when it came out, but as is usually the case I did not have the time, nor the inclination to read it. I like to keep my own thoughts square and balanced and don’t need other peoples’ thoughts on gold clouding my own.
But as I was fooling around over at the St. Louis Fed’s website (it is recommended that geeks register for a free account) doing the following charts I remembered ‘oh jeez, I think somebody’s already on this topic’. So I checked it out and sure enough he did gold vs. the Monetary Base using a graphic from the also-recommended MacroTrends website. Anyway, preamble behind us we move on…
All of yesterday on the 5min chart was spent forming a descending triangle which broke down slightly near the close. There are often false breaks on these and if we see a decent break over triangle resistance this morning then we should make the triangle target at 2055. Falling megaphone resistance is currently in the 2063 area and falling at about ten points per day. SPX 5min chart: