Gold Futures (U.S. $468.50)
My own proprietary price momentum models indicate that gold is in a powerful long term uptrend, but significantly overbought at this time. My long term (monthly) models and my intermediate term (weekly) models confirm the overbought condition, but there is a hitch. I'm still waiting for a sell signal from my trusted short term (daily) momentum models. So far no short term sell signal.
I have a hard time seeing gold above $470 U.S. under these circimstances, but I'm stuck waiting for time to take me onside before I commit to a short term sell position.
These models often confirm changes in unison. The fact that the short term sell signal for gold is so reluctant to arrive is a testament to the underlying strength of the gold price trend.
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