Despite the slightly higher weekly close the long term P&F chart of gold has not changed. We are still under the last signal, which was a bear signal, with a $705 projection. To reverse back to a bull market we need gold to hit $930 for an initial projection to $1050.
As for the normal indicators, they are all unchanged from last week. After bouncing off its long term moving average line gold remains above the line and the line continues to point higher. The long term momentum indicator remains in its positive zone and above a positive trigger line. The indicator seems to be in no mood to go anyplace and is tracking more of a lateral path than a positive one. The volume indicator is also not all that great and tracking a lateral path. It remains below its negative sloping trigger line for a negative reading. However, putting it all together I still get a BULLISH rating for the long term. (more)