Has A New Gold Bull Market Begun?, page-98

If you look at the monthly chart, which really matters, US$1,395 was the August high and close. This was also around the May close. 2014 march re-tested this level. Seems pretty important, if you ask me. We need a monthly closing above this level. Better be safe than sorry! I am in absolutely no rush to buy gold stocks. Just looking at the trend. I'm not ignoring further upside either. But, in this market, I just can't help myself to favour the downside. Unless, we get really low and then I'll look to buy another counter rally.