Gold made a new all time high on the weekly close, and the handle is now broken to the upside. Some have been trying to spot a rising wedge in this handle formation, but as you can see it is more of an uptrending channel, as the cup and handle dominates the longer term chart. There is plenty of room for another retracement, and do not expect this to be easy. The premiums on the trusts and funds are low, and there is quite a bit of stubborn bearish sentiment.
Silver is trying to break out above resistance around the 20 level. I suspect it will do so fairly soon.
It is obvious that the SP 500 needs to move higher to break out of this diagonal trading range.
There are so many cats out there talking their books that it is no wonder that the average investor prefers to sit on the sidelines. They do not know whom to trust or believe even on the basics f the economy.
"what should you do to avoid being an idiot or a swine? Merely this: You should do something great, you should lay aside all the foolishness of a more of less long existence, you should become resigned to the fact that you will seem ridiculous to a race of janitors and bureaucrats if you are to enter the service of Splendor. Then you will know what it means to be the friend of God. The friend of God!"
Léon Bloy