Gold’s Positive Path

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I just got back inside from walking my dogs in this…….

1223-weather

That’s real dedication, eh?

It looks like a “quiet pre-holiday trading day”, which is another way of saying ungodly boring. Here’s one chart of interest, though: gold. My supposition is that gold is going to enjoy its bounce in the days ahead. I’ve drawn an arrow where I’m confident gold is going to go, and I’ve drawn a tinted area which is more of a “long shot’ target. Gartman’s uber-bullishness on the dollar only augments my confidence.

1223-GLD

To be clear, my long-term sour disposition toward precious metals is unchanged, but I do think a countertrend bounce is in the offing.