Summary: Gold closed at $1348 today according to Stockcharts but is now much higher at $1365 as I write this update.  My two longer-term weekly charts on GLD show the potential for a massive upside breakout where price could really run hard & fast.  My first chart is a 6 Year weekly showing a massive inverse Head & shoulders pattern that is ready to bust out to the upside of the inverse neckline. Remember that the bigger the pattern in Time, the more powerful the Breakout potential.  My second chart is a 2 year weekly showing a large “Cup & Handle” pattern, which is another bullish structure where price could really run.

Gold & PMs: My first two charts are daily versions of GLD and Gold, respectively as GLD better shows the true price action post FMOC announcement. Unless this is just another massive head-fake, Gold & PMs sure look ready to break out to the upside now.

USD Update:  USD headed lower into its next Intermediate Cycle Low (ICL). Near term, the USD D.8 formed a swing high and closed below the 10ma signaling the likelihood that another Failed Trading Cycle is still ahead of us.  We have another bearish setup in place for the USD to now head lower into an ICL and this lines up with my analysis that Gold & PMs should now be ready to run.

Surf City Website:  https://surfcity.co

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 -- Published: Friday, 21 June 2019 | E-Mail  | Print  | Source: GoldSeek.com

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