30 Day/30 MinuteThe Technicals are hard to read on GMTN since the volume has been so low (at least in the U.S.) over the past few months. However, the 30 day/30 min is showing a divergence as lower lows were made, but the MACD has not confirmed and has stayed much higher than the higher lows. We are still below the Ochimoku cloud on the 30, 90, and 180 day charts, but obviously we would not yet be above in a Gold mini-bear (and hard Junior Resource bear) as it stands.
Had a chance to pick up some at .2230 or so today and did not. Will be looking for the large bid/ask spread to be my friend on some lower prices, however, I think my call a few weeks ago about the low .20's being a possibly pivot point (at least short to medium term) may be playing out very well.
U.S. Dollar strength (UUP, DXY, or Futures) has been in a strong bull. When does debt come back to haunt the U.S.? I see deflationary signs on the horizon as Ag, Industrial metals, energy, etc. have all pulled back sharply. Technicals to the upside on these have exhausted to the upside. Inflation has peaked for now and look for the U.S. Fed to posture hawkish, raise rates a bit more, and then back off. This will be great for Gold in general, including the Juniors.