Partial Profit Taking

Gold & Silver stocks / indices had a huge rally as expected, currently extremely overbought on a daily chart. Take some profits and gradually enter after some kind of correction. Most likely in a week or two the overbought condition will work itself out.

XAU Weekly Chart

Our most reliable index for Elliott wave counts still remains the Philadelphia Gold and Silver index. Currently wave 3 of 3 of 3 is underway, this is a rare bullish situation. Extended bullish move is expected, be careful of extra volatility. The count remains valid as long as the XAU remains above 130.83.

$HUI:$GOLD Buy Signal

In case you haven't noticed HUI / Gold ratio just gave a buy signal.