Are gold bugs in for a hot or cool summer?

Market Pulse: May 29

Last week June Gold opened at $1,590.20 and closed the week at $1,568.20 before the long U.S. holiday weekend. May has been a little rough on gold bulls as June Gold opened May at $1,666.10. Not a bad month for gold bears. 

Technicals on the daily chart below may be signaling a potential long set-up soon. We see ADX dropping, now at 36. This is still a strong down-trending market, but the trend is weakening. DI+ could be crossing up over DI- over the next few days. MACD is just crossing up over the signal line with no divergence and Stochastics did exit oversold territory. They are midrange and just starting to head up again.

Looking at the weekly chart, the first thing you will notice is $1,550. Gold dipped below 1,550 the last week of September 2011, the last week of December 2011 and these past two weeks, with no close below this level. 

Proceed to Page 2 for the latest COT Data...

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