On July 1st I made A Case for Gold. Let's take a fresh look at the charts and see if anything has changed.
Below is a chart of the XAU, a/k/a Philadelphia Gold & Silver Index. I added some trend lines on the weekly depicting what appears to be a wedge, one of the most powerful and reliable chart patterns in our arsenal. If XAU breaks up over the wedge, Gold is running big time.
In two weeks Gold has confirmed a break-out and the MACD is now just about crossing over for a Buy signal. In the chart below, Vista Gold is still a favorite, with everything lining up for a about a double from current levels.
In the overnight Globex market, the S&P's are up about 15 points, indicating a very strong opening on Monday if it holds. Gold is up about $1.00. I'll be watching Gold and a half dozen Gold Stocks this week, that is where opportunity is presenting itself for now.