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Gold Is Still On A Sell Signal But It's Time To Watch For Potential Buy!

 December 08, 2012 02:53 PM

Our intermediate-term technical indicators (not shown) remain on our October 16 sell signal, but gold's decline is getting close to our initial downside target at its important intermediate-term 30-week m.a., which is currently at $1,671 an ounce.

The short-term indicators also remain negative, but with potential trendline support just below at approximately the same level as our initial downside target.

[Related -The Soda Industry Is Dying - But PepsiCo Will Thrive]

That support appears to be solid and gold does tend to be positive in the first few months of a new year (but not always).

However, at the same time we have to be aware that gold has been in a very long-term secular bull market. And they do tend to end when no one is expecting anything more than another pullback that presents a buying opportunity.

[Related -Three Backward-Looking, Not-So-Predictive Valuations Are High]

So we won't jump the gun on our intermediate-term indicators.

Yesterday in the U.S. Market.

A positive day for the blue chips, in spite of ongoing concerns about the fiscal cliff, a questionable jobs report, and a surprising plunge in consumer sentiment. But the continuing collapse of Apple shares resulted in a decline for the Nasdaq.

Volume was about on the recent average, with 0.6 billion shares traded on the NYSE.

The Dow closed up 81 points, or 0.6%. The S&P 500 also closed up 0.3%. The NYSE Composite closed up 0.4%. The Nasdaq closed down 0.4%. The Nasdaq 100 closed down 0.6%. The Russell 2000 closed up 0.1%. The DJ Transportation Avg. closed up 0.2%. The DJ Utilities Avg closed up 0.1%.

Gold closed up $4 an ounce at $1,704, but down $11 for the week.

Oil closed down $.27 a barrel at $85.99 a barrel.

The U.S. dollar etf UUP closed up 0.2%.

The U.S. Treasury bond etf TLT closed down 0.9%.

Yesterday in European Markets.

European markets closed mixed yesterday. The Europe Dow closed down 0.4%. The London FTSE closed up 0.2%. The German DAX closed down 0.2%. France's CAC closed up 0.1%. Italy closed down 0.9%. Spain closed down 0.8%. Greece closed down 1.1%.

Global markets for the week.

Some additional follow through in the global rally, except for the Nasdaq thanks to its heavy weighting in Apple shares.

Gold, and particularly gold mining stocks, were down again, a drag on the Canadian stock market.

THIS WEEK (December 7)
DJIA13155+ 1.0%
S&P 5001418+ 0.1%
NYSE8314+ 0.5%
NASDAQ2978- 1.1%
NASD 1002640- 1.4%
Russ 2000822+ 0.1%
DJTransprts5128+ 0.2%
DJ Utilities454- 0.1%
XOI Oils1,225+ 0.7%
Gold bull.1,704- 0.6%
GoldStcks162- 4.8%
Canada12159- 0.7%
London5914+ 0.8%
Germany7517+ 1.5%
France3605+ 1.3%
Hong Kong22191+ 0.7%
Japan9527+ 0.9%
Australia4555+ 0.8%
S. Korea1957+ 1.3%
India19424+ 0.4%
Indonesia4290+ 0.3%
Brazil58487+ 1.8%
Mexico42797+ 2.3%
China2158+ 4.1%
LAST WEEK (November 30)
DJIA13025+ 0.1%
S&P 5001416+ 0.5%
NYSE8260+ 0.4%
NASDAQ3010+ 1.5%
NASD 1002677+ 1.4%
Russ 2000822+ 1.8%
DJTransprts5119+ 1.3%
DJ Utilities453+ 3.1%
XOI Oils1,216- 0.5%
Gold bull.1,715- 2.1%
GoldStcks170- 2.4%
Canada12239+ 0.2%
London5866+ 0.8%
Germany7405+ 1.3%
France3557+ 0.8%
Hong Kong22030+ 0.5%
Japan9446+ 0.8%
Australia4518+ 2.0%
S. Korea1932+ 1.1%
India19339+ 4.5%
Indonesia4276- 1.7%
Brazil57474- 0.2%
Mexico41833- 0.2%
China2073- 2.3%
PREVIOUS WEEK (November 23)
DJIA13009+ 3.3%
S&P 5001409+ 3.7%
NYSE8225+ 3.7%
NASDAQ2966+ 4.0%
NASD 1002639+ 4.1%
Russ 2000807+ 4.0%
DJTransprts5051+ 3.3%
DJ Utilities441- 0.6%
XOI Oils1,222+ 4.3%
Gold bull.1,752+ 2.3%
GoldStcks174+ 5.2%
Canada12213+ 2.8%
London5819+ 3.8%
Germany7309+ 5.2%
France3528+ 5.6%
Hong Kong21913+ 3.6%
Japan9366+ 3.8%
Australia4431+ 1.6%
S. Korea1911+ 2.7%
India18506+ 1.1%
Indonesia4348- 0.1%
Brazil57574+ 3.9%
Mexico41901+ 2.6%
China2122+ 0.6%
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