The USD up leg since rates rise is done. Gold will be shine. Hourly Gold chart clearly shows gold's next move, sooner rather than later, is up big time as it will be an Elliott Wave 3 (Wave 1 is between mid to end of August, 1160~1215; since then it is been doing range trading, going side way, around 1200+/-20, of Wave 2); So we will expect Gold will break out from this 1200 range and move up into, or above, the mid 1200 range.
Large Gold stocks is having a big up day today, while the rest of the market is down.
GCY is down 10%, looks like someone is off-loading, either cutting lost or scared of the stock market. But when the market is down, gold stocks will be shine, why sell gold stocks.
Only one thing I am not sure is, if GCY sellers are inside traders, who know something wrong with the company.
GCY Price at posting:
23.3¢ Sentiment: None Disclosure: Held
