Tuesday, June 21, 2016 11:26 AM EST
Gold failed to breakout.
(Click on image to enlarge)
And this sure didn’t help either.
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Everyone, even polar opposites like gold bugs and CNBC pundits, assert that gold is in a confirmed new bull market and is headed higher. The charts like you and many other have posted seem to show a completely different picture. If gold doesn't start moving higher, I could see a blow off top around the $1300 level. I'd love to believe the goldbug narrative, especially the one espoused by people like Rickards and Schiff, but it seems like gold has to really prove itself at this point. Until then I will sit on the sidelines a bit longer.
My sentiments exactly.