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Jeff Cooper: Gold May be Ready to Move Higher


If the dollar tops out, the gold bulls may finally have their day in the sun.

A daily dollar chart shows a possible Charlie's Angels sell setup. This is 3 tails in close proximity -- in this case, 3 Topping Tails.

Interestingly, this is occurring after 2 weeks on the side at our long-standing 88-89 projection.

At the same time, Gold (GLD) and the Junior Gold Miners (GDXJ) are coiled below their respective 50 day moving averages.

Does yesterday's late day breakout in the best of breed in the miners (in my opinion, Franco Nevada (FNV) signal follow-through for GLD and GDXJ to close the week above their 50 day moving averages?

This would tie to a breakout above the key 1200 level in gold itself -- a level the bears have been vehemently defending.

A Friday weekly close above 1200 would give the gold bulls some bragging rights.

If the Charlie's Angel sell setup in the dollar sees downside follow through, it would put the wind at gold and the miners' backs.

See charts of FNV, GLD, and gold futures below:

Click to enlarge

Click to enlarge

Twitter: @JeffCooperLive

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Position in FNV,NGD,GDXJ,AUY

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