As Dan Norcini said today, the bears were frustrated this
morning when they couldn't drive gold down and KEEP it down.
Buyers moved in well, but the rally didn't go THAT far. and
made a lower high which is now creating a blue down channel
which will eventually resolve up, but a larger view shows us
that their is a potential H&S pattern in progress that will
move gold much lower within the MAJOR BLACK DOWNFLAG
that will resolve to new highs in the gold price.
AUGUST GOLD IS NOW THE FRONT MONTH AS FAR AS
MY CHARTING IS CONCERNED.
Remember June contract traders are SELLING their longs
to BUY August longs, although it is not uncommon to see a
strong rally in the expiring month (June) on the last day of
trading (FRIDAY)
