Gold rallied above $1,200 Thursday, but there hasn’t been any follow-through. We may get some short covering if prices rally back above $1,208 today or tomorrow. The majority of miners are still trading below last week’s peak, despite consistently higher gold prices. Unless something quickly changes, I’m beginning to sense a cycle top.

-GLD- Prices ran into resistance at the 115 level, and prices may have topped. Closing back below the 50-day EMA tomorrow will imply a cycle high.

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-GDX- Miners bounced, but we are not getting the swift move higher I was expecting (5.00%+). I exited my GDX call options with a marginal profit.

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