“Thank you, Mr. President.” And as for last week’s 180° out-of-phase missive entitled “We See Gold Working Lower Near-Term”, we need only cue the 1966 Bob Hope classic “Boy, Did I Get A Wrong Number!” For as the above panel shows, Gold soared off the surface from where ’twas a year ago in sporting its best weekly gain by both percentage (+2.7%) and points (+34) since that ending 03 June 2016. In settling the holiday-shortened week Thursday at a year-to-date closing high of 1290, Gold is now +7.9% for 2017 and +4.4% above where ’twas at this point in 2016 (1236).

The near-term weakening for which we were seeking in Gold never materialized a wit throughout the four-day trading week, Monday and Tuesday combining to push price +1.6%. Then come Wednesday upon the chief executive’s stating “I think our dollar is getting too strong”, Gold leapt another 0.9% in just two hours. Cap it off with the looming geo-political uncertainty and queasiness surrounding “Holy Taxes Week” and in came Thursday’s piling-on crowd to drive Gold to this year’s record high close-to-date. So what does being at 1290 mean?

“Gold is now over that 1240-1280 resistance zone, mmb.”

Exactly, Squire. But before we officially invert its name to the 1280-1240 support zone, which per the below chart of Gold’s weekly bars was the case through a good stint of last year, let’s first see if price can stay above 1280 over at least a full trading week. For the present, as would a Formula One race engineer radio to his driver: “Your pace is good, Lewis” … however the circuit, like price, does not unfold in a straight line. From the Gold Philosopher’s chair, ’tis been eloquently waxed upon that those forces which drove Gold down from its high back in 2011 shall in turn drive it back up. So if “they” indeed have been materially on board throughout this parabolic Long trend — now 13 weeks in duration and thus far the third longest since Gold’s All-Time High of 1923 on 06 September 2011 — then let’s look toward last year’s high up there at Base Camp 1377…