Maybe I’m a glutton for punishment – because I'm about to opine on the chart for gold and mining stocks again. And what I see in both the metal and a group of miners that I follow is a bullish cup and handle (i.e., the inverse of what I saw in GLD last month before it collapsed) which would suggest a decent move up. For gold, it’s probably good for at least $80 (and potentially a bit more).
And even if I didn’t see it, I would still argue that there is a big gap in the GLD chart (from 6/20/13) that needs to be closed before the next downswing should start. That gap is not closed until $130.38 gets hit, or about $85 bucks higher from here in the spot price. That fits a bit too perfectly.
