Gold Daily and Weekly Charts

Gold went out on at the $1210 level. If it can extend its gains next week and top the resistance around 1225 it is likely to be heading up again for the fourth test of resistance around 1260.

People have been sending me charts from other fellows, chartists, some who charge subscriptions and make appearances on television, 'just to temper my enthusiasm for gold.'

I try to listen to everyone who has something to offer, to the extent that time permits and experience motivates, But since most analysts and chief strategists are 'talking their books' and biases, their accuracy probably doesn't matter much to them, and this is why what they say so often matters so little to me.



The Gold weekly charts looks like there is a decent probability that a short term bottom is in. Let's see if gold can start its new leg up next week, and take out 1225 which sets up a retest of the big overhead resistance around 1260.

SP 500 September Futures Daily Chart

Thin volumes and a sleepy trading day, signifying little.

Earnings season begins on Monday with Alcoa. Yum Brands on Tuesday, but I suspect most eyes will be on the TBTF banks.

CNBC Europe: Is Gold a Bubble, Or an Outstanding Value, or Both?

My friend Horst from Germany sent this to me.

I think you will find it to be of interest.

The subject discussion revolves around the currencies, paper gold, and bullion.

Ben Davies, CEO of Hinde Capital



I cannot help but note that the level of discussion in CNBC Europe and Bloomberg Asia is much more serious than that of Bloomberg and CNBC USA. I wonder why this is, given the global character of the financial markets.

And then there is Fox Business where T/A does not necessarily have anything to do with technical analysis or charting.