Quick update

There was some constructive development in the gold sector last week.

USERX
USERX did the necessary to rectify the weaknesses of the current bull signal. It rose above the pre-crash high of 10.61 and it did it in a quite spectacular fashion. The price is back in the uptrend channel which started in June last year and the most important thing the SKI indices are taking the proper order for further advance. For now, the trend is up and the first stop is at 11.82. Longer-term target is at 13.75.

XGD Australian gold index
XGD clearly broke out of the resistance and is now in a bullish ascent. The obvious target is the  Aug 2019 all-time high at 8730.

GLD
GLD closed at the new high for the year 163.93. Last time I said I am not convinced the price is going to push and stay above this high in the next month or two. I am still not convinced but I will not fight the tape. Next target 174.00

SLV
Silver is finally playing catch-up. Next target 16.3.

HUI
HUI broke above the 2016 high. It needs to hold there on Monday to confirm the breakout. Medium-term target 372.74.

XAU
XAU is in a bullish configuration, it has cleared all resistance and is holding the trend. Target 140.94.

GDX
GDX is also in a bullish configuration, it has cleared all resistance and is holding the trend. Immediate target 39.08, longer-term 55.25.

GDXJ
GDXJ is similar to the USERX, it has just broken above the pre-crash high and is setting up a bullish configuration. It still needs to go above the 2016 high at 52.5 so that would be the first target.

S and P 500
SandP has a very firm resistance at 3000 and, at the moment, it seems like it is rolling over. I assume that the breakdown bellow 2727 could start the new leg down towards the 35-39 sell. This breakdown could also mark a medium-term top in the gold stocks.

TLT
Unlike the gold, the bonds haven't broken out of the symmetrical triangle that prevents the price advance. Failure to do so will trigger a 35-39 sell signal that could lead to further weakness.

UUP
The dollar is still undecided. At the current price level, it will generate a 16-20 buy on Monday and by the end of the week it could also buy back the 35-39 index for a double buy. That could mark the beginning of a new bull phase.

Bitcoin
Bitcoin had a spectacular 2 months rise which set up a possibility for a new true bull signal in about week or two.

Inflation
There is no evidence that this advance in gold is driven by inflation expectations.

I haven't changed my position from the last week. I am 100% long and will lighten up if and when the targets are hit.

Good luck to all.
Branko