Gold Jumped To Fresh High

Gold jumped to fresh high.

Gold prices formed a Doji yesterday and had an opportunity to top. However, the Bulls advanced prices above the $1,286, and now we’re sitting around $1,295. A test of the April $1,298 high is in progress. If prices rise above $1,300, we could see the $1,310 – $1,315 level cited in the weekend Newsletter.

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GDX prices opened higher and likely above the upper trendline. We could see a jump toward the 200-day MA ($23.42). The outlook for lower prices remains if the divergence endures and GDX lingers below the $23.67 high.

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I’m still expecting a top this week in gold and silver. I will reconsider my analysis if miners rally to new highs and quash the divergences.