Will gold break to 1240?

Gold is at the tough spot again... it needs to secure a 20DMA / 50DMA crossover. $GDX $GLD $SLV $TLT

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Near term target reached at about 1223. The blue channel is the 55-day highest and 55-day lowest close.

I believe we get the 1240-1245 mark by next week.

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Similarly, the 55-week highest close and 55-week lowest close is shown here. Notice the clear rejection of the Year Camarilla S4 line (the thick orange line in all pictures).

This rebound has legs.

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Dow Jones finally giving up again and we are moving toward that 1240 target.

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Does it top out at Year CAM R3 @ 1243 or do we form a similar move to October 10-11 to 1265/1270? No position but gold is in a GREAT position for long this December for the seasonal strong rally. Stocks are positioned for a dead cat bounce into the New Year and could really start the true pain in January.

Remember that silver futures commercial positions according to the COT data have never had a level like this

www.barchart.com/fut...echnical-charts/SI*0

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USDJPY may be embarking on a huge downtrend as well.

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Gold futures died right on the backtest of CAM Year S3, this is expected. 10 point drop right off it as stocks make a huge recovery.