Bull Or Bear?

The past weeks price action was stronger than expected, the bottom arrow pointing to candle tails which are often bullish. Short covering is fuelling the rally, we look to the top trend line for resistance now.
Fourteen months of bear market action and we are still in a wave two corrective rally, seems never ending, the Fed has goosed investors with bank bailouts.

Any solid close above the channel would see us step aside, we don't expect a melt up as a few comments have suggested, analysis firmly suggests this is a counter rally.

Many of you have bought precious metals this past year, gold in particular is forming a pennant pattern on the daily chart, the continuation upward should see gold break out upwards again later this week. Any weakness tomorrow or Tuesday should be viewed as a back up the truck day, a breakout above the all time high beckons, expect $2900 as the next target. Silver will play catch up at some point, what turn of events will propel the metals?

Summing up: watch the channel on the Dow, the bear wants everyone to lose...buy gold and silver.

Appreciate a thumbs up...Good Trading & God Bless you all!

註釋

Dow has touched the upper trend line today.
Expect this as resistance and a turn down from 33600.