Critical Market Update!

Posted by Larry Edelson -Uncommon Wisdom

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If you’ve been following my work closely, then you know the markets have arrived at critical turning points.
We now have …

Two consecutive daily closing prices in gold (basis New York spot on the NYMEX) above $1,453. That indicates an important upside breakout for gold on my cyclical and technical models.

Gold also penetrating up through an important technical resistance level at $1,463.

In addition, we have …

The Dollar Index continuing to weaken and now very close to taking out its March 22 low of 75.505. This is a potentially very bearish sign for the dollar and further supportive of a rally in virtually all commodities.

We also have an initial buy signal in the Dow Industrials, as it has now closed above 12,391 on two consecutive days.