The rally is stalled underneath the resistance on the left of the chart. That we have not given much back on any reactions is a sign of strength. There are many alternatives but right now the trend is up, short term. Whether we go up or down from here the decline on the first is still to my mind the most meaningful event on this chart.
Notice how little was recovered in the past few days and how tiny the volume.
Gold and oil moved together roughly until around August 24. This divergence emphasizes how strong the buying is in gold.The chart below, I believe is self explanatory. The short green lines are points whose penetration marks a higher high. I have not commented on volume as much as I should. Please on your own work out the details. Beginning 6/17 the ease of movement is up. 6/17 is an outside key reversal day. The volume spikes of 6/30 and 7/8 are very significant. Pay attention to the volume and the position of the close. On the high volume breakout, the buyers were willing and eager to take any offers. This is not like the s&p where the buyers bid the price up overseas and gap it up to take in as little stock as possible while boosting the price. These buyers want it all.
This is a great heuristic chart. Take the time to go through it day by day and move by move. It will be worth it.
