right here, right now... gold

"Right Here Right Now", was the smash hit of Jesus Jones. They were among a handful of odd groups in the early 90's; not American enough to be grunge, not electronic enough to be techno. Jesus Jones rode a sort of fading post-new wave tide into the horizon, never to return to the scene.

Right Here Right Now was the theme song of Hillary Clinton's presidential campaign. While Americans were chanting "Yes We Can", more than a few weary democrats and liberal-thinkers were experiencing a deja vu of sorts. Gold seems to be at the precipice of something that I loosely define as a Right Here Right Now moment. Looking at the chart I cant help but be filled with bullish enthusiasm, all the technicals, moving averages and trend lines appear to be in place for a push forward to and beyond $1000.

I use the Money Flow Index rarely, perhaps only because I so rarely see it featured in discusions of technical analysis, but I think recent developments warrant consideration of what has registered on the Money Flow Index at 2 different time frames (14 and 21).

The OBV indicator is best restricted to breakout's from consolidation patterns (imho), otherwise it gives a host of false flags and divergences that never seem to match subsequent price action. We see in a 1 year chart of the GLD the OBV like the current price action is up against a critical resistance point. The direction has a bullish inclination but has yet to be decisively broken to the upside. The recent recovery of the US Dollar from week's plunge below .82 on the index reminds me that nothing is ever a sure thing, especially in gold and in early 90's one-hit wonders.


Good Luck gang,

J