Gold Could Be a Buy Soon


Gold is testing a trendline from its January low.

1308 ties to prior swing highs and is lateral support.

The bottom rail of a rising channel comes in around 1300.

While gold has underwhelmed, it is also not pulling back as much as the gold miners (GDX).

That said, prior resistance should act as new support.

On the Square of 9 Time & Price Calculator, the 1045 low in gold is straight across and opposite early September for a time and price balancing point.

Since gold and the miners are selling off into Friday's jobs report, this could set up a buying opportunity.

The question is whether a strong jobs number, which implies a rate hike and a stronger dollar,  sees buying on the news in the miners. Or do we see an extension lower into next week's potential square-out?