$Gold Weekly

For this week, gold prices rose strongly and concomittantly along with yields. Gold prices on the weekly linear scale chart is still conforming with a volatility smile which I assume is in vogue.

Volatility smiles collapse and are out of the money when prices exit out of the top of the smile prematurely, before the right side can be completed.

One technical that is pretty good at calling bottoms is the RSI(14)- CCI(8) on a weekly basis, because they co-incide with price lows.

This one is offset by a week or two after the bottom. That the '4' downwave of a Wave One extension in the elliot wave paradigm is completed, is pretty much a given fact by now. That would mean the '5' wave will be the smallest and conforms with elliot wave rules if the price high is equal or above (4.03333 X .618) X 1179, but below 2.82 X 1179. (1033/681 = 2.82)

Gold's rally should be confirmed by the cross of green and red lines in the ADX, and a crossover of the 13-week EMA with the 34-week EMA, which appears to be an eventual layup:

http://scharts.co/1cTOOwO

GBN.V Daily - Ichimoku Study

I still believe that the share price is subject to another advance, given the ADX momentum is still pointing upwards.

Both TLT and DUST are in decline simultaneously, TLT breaking below it's March,2012 pivot point on Thursday.

So let's see if I'm correct now, that GBN.V share prices are subject to equity swap derivatives and the share price is a function of U.S. Treasury prices, rather than an operating mine with costs in $CAD, and a certain NPV.

http://scharts.co/15uPn7k

$Gold:$Silver

A big shift in the Gold/Silver ratio has occurred as well, which usually indicates the return of markets to speculative whims on credit, but what has happened is that markets have topped.

Silver sometimes gains against gold very briefly before gold begins to gain on it, so Silver advancing against gold may be only short lived, rather than indicating a major rally in stocks.

As you can see, the $Gold:$Silver ratio picked out the share price bottom in GBN.V shares.

http://scharts.co/1bZ1HW5

-F6