gold approaching pivot point., page-9

I see cross-currents in the US.

First, the Gold weekly chart below shows that 'disinterested' volume has happened before.

Previously I suspected that China's holiday week may have been a factor because the copper chart was showing the same volume pattern on a V-shaped chart bottom. That said, the 3-month daily chart below hardly offers a volume surge as the Chinese came back to work this week.

So I believe, in the US there are bullish COT trends for gold the likes of which have pre-empted hefty rallies in recent years. (Hubbartt's latest weekly issue makes that case.)

BUT, the markets are more interested in other categories. Gold is on the back burner. The 'sting' last month as comex gold plummeted 20% has driven the focus elsewhere.

The US Goldies Bullish % Index is tepid and NYSE Bullish % Index is running to reflect an expectation that the S&P500 is headed to 1260-ish. See ratio chart below.

In short, the sentiment is conflicting. So any confliction in AUS is simply a reflection.

Just my opinion.