Gold is looking good after Friday’s recovery. It is:
1. About to make a higher high
2. Has broken its downward trend line
3. Recovered from an attempted manipulation attempt last Monday
4. Making higher highs on the weekly chart
In addition, and this is important, it has allowed the miners to break their intermediate trend line dating back to September. Comex registered reserves (dealers gold) have also fallen to new lows of under 400,000 ounces from over 3 million just a few months ago. When it gets to zero the paper game is over.
So, barring a calamity (like a stock market crash) gold is looking good. I plan to buy in again Monday, and this time will be holding for a year or two, enjoying the recovery. There could still be bumps ahead, but it is getting safer by the week.