Gold Final Update – 22 Sep

I thought gold held up relatively well considering the carnage in the rest of the markets. Actually it was rather a standard big red candle on the chart and volume was mediocre. The good news is that 1705 held and the 45 day moving average is supporting at the close. stochastic put in a 2nd day below 20 and will embed if it closes below for a 3rd day. Until then the chart simply says gold is over-sold. I saw nothing today that changes my belief that gold is going higher and will set another all time high before the year is out.

PHYS gapped down and is supported on the close by the 50 day moving average at 15.15. Critical support is 14.42 and as of now looks safe enough. I would not be surprised whatsoever to see buyers show up large tomorrow. PHYS is the real deal and people are getting wise to 100% allocated gold bullion and are willing to pay a 3.5% premium for it.

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