............More Downside Gap Filling Action Today
The XAU filled it's downside gap at 135.54 from 5-25 and NEM filled it's downside gap at 51.67 from 6-2. The XAU has a downside gap at 130.03 from 3-24 that shouldn't get filled until Wave C. NEM has a downside gap at 49.53 from 5-25.
Notice that today's weakness coincided with SPX (S & P 500) weakness: http://finance.yahoo.com/q/ta?t=5d&s=%5EXAU&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC.
The NEM Lead Indicator is a very bullish +1.00% vs the XAU right now, was a very bullish +1.30% vs the XAU yesterday, and, was a very bullish +1.78% vs the XAU on 6-2.
Wave B up began on Monday 5-22 for HUI/XAU, with the XAU's cycle low on Monday 5-22 at 133.17 forming a near perfect double bottom with Wednesday 5-24's cycle low at 133.19, and, HUI also has a double bottom. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. Notice how closely the XAU tracked SPX (S & P 500) recently: http://finance.yahoo.com/q/ta?t=5d&s=%5EXAU&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC. ....... http://www.JoeFRocks.com/
Notice that today's weakness coincided with SPX (S & P 500) weakness: http://finance.yahoo.com/q/ta?t=5d&s=%5EXAU&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC.
The NEM Lead Indicator is a very bullish +1.00% vs the XAU right now, was a very bullish +1.30% vs the XAU yesterday, and, was a very bullish +1.78% vs the XAU on 6-2.
Wave B up began on Monday 5-22 for HUI/XAU, with the XAU's cycle low on Monday 5-22 at 133.17 forming a near perfect double bottom with Wednesday 5-24's cycle low at 133.19, and, HUI also has a double bottom. For recent action see http://finance.yahoo.com/q/ta?t=5d&l=off&z=m&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=&s=%5Exau. Notice how closely the XAU tracked SPX (S & P 500) recently: http://finance.yahoo.com/q/ta?t=5d&s=%5EXAU&l=off&z=m&q=c&a=m26-12-9&a=p12&a=fs&a=w14&c=&c=%5EGSPC. ....... http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
9:19 AM
