..............XAU Upside Gap Filling Action

The XAU is trying to fill it's upside gap at 141.76 from yesterday, so the Wave B short term upcycle of a likely ABC Wave 4 minor int term downcycle lives until proven otherwise, which is strongly supported by reliable lead indicator NEM making higher highs today and outperforming the XAU by +0.19%, and outperformed by a very bullish +1.72% yesterday which correctly portended strength today. The latest COT data http://www.cftc.gov/dea/options/deacmxsof.htm points to some modest strength next week in gold and some modest weakness in silver. The COT data in recent weeks has been modestly bullish which supports the Wave B scenario rather than the "lows are in " scenario. http://www.JoeFRocks.com/