This is a buy signal in gold. (And the other metals.) This may be the beginning of a blow-off. We would move our stops to 3% under yesterday’s low. Depending on your appetite for risk (or desire for profits) this would be an add on place.
In our impatience to avoid a flushing action in the indices we were too clever by half in selling and now have to reestablish our positions. We pointed out to readers that it was a trading tactic and recommended against it for readers. Now you see why.
This is a buy signal in the major indices. This wave refuses to die, or even to retract enough to allow the construction of a proper trendline.