Last Friday and again on Monday June gold closed lower. But each day gold opened lower and then closed near its high for the day.
Also, although gold closed lower for five days in a row, neither XAU or HUI confirmed by breaking to new lows. In fact, XAU and HUI made their lows on March 27 -- nine trading day ago. My conclusion is that there's a good chance that gold is either at its low or that gold is in the process of bottoming.
Gold may bounce around and back-and-fill for a few weeks to even a month or so, but I believe we are now watching the bottoming process in action. The clincher for gold bulls would be HUI closing at 124 or better -- or June gold closing above 326.00.
