After nailing the GDX and Gold bottom for a sweet 22% gain, I am trying to figure out where it goes next.
This is likely the most important inflection point in Gold (1200) because I have no idea what it does. It should have NEVER lost 1200 in the first place, but since it did, it needs to take it back and hold above (preferably rip right through and never look back).
It is vital that Silver leads this charge. We need the SLV:GLD Ratio to pick up speed and breakout of this weekly. If this happens a NEW METALS BULL MARKET OFFICIALLY STARTED.
This is what I will be watching into the weekend, if the dollar crashes like I believe is coming. Gold will rip through this 1200 level testing 1250. As long as gold stays above 1180 I am fine with it, below is NOT GOOD.