The monthly graph shows a breakout above resistance on a close-only basis. The prior resistance is now support. A nearnear
term rally back to $2100 is expected. The stop is $1880. With the prior resistance now being support, and given the objective, we have a very favorable reward-risk situation.

The monthly cycle hit a low at the end of the last month. The technical picture is constructive. There are higher lows in momentum weekly and a very oversold condition. This projects $2300 over the coming months, likely by June-August.

The last chart is a picture of caution; this is a favorable sentiment indication. The rally has not created excess optimismoptimism
which would be the sign of a top.

Monthly Gold-Closing Prices

Monthly Gold Cycle

UGL/GLD
GLD
Ratio

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