A Market Timing Report based on the 12-20-2013 Close published Sunday December 22nd, 2013
Gold tested the prior major low and bounced slightly, which is only a start. The response of the 10 Year Treasury Yield was to initially rise to test the 3% area, but the close as the chart shows (link to right), there was a pullback that followed back down to near the Weds. close. If the 10 Year Yield stays near 3%, gold will have a chance to rally from here, but if Treasury yields continue to fall this week, gold may break down to a significant new low. If you buy here, please strongly consider using a stop. The fall below support could be damaging.
Here’s the chart:
Gold tested the major low and bounced a little. More work to do to prove a double bottom is forming.
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