$SPTGD Weekly 

We had the highest volume week ever in the S&P TSX Global Gold Index.  Gold stock indeces and the $CAD value of gold did not see a moving average crossover of the 13-week EMA with the 89-week EMA, as we had seen in the U.S. dollar gold price and in the TLT.

The top was clearly outlined in prior months by inverse corrrelation with the gold/silver ratio, and this correlation may yet outline the reversal here.

http://schrts.co/VYQPjS

$Gold:$CDW Weekly

The $CAD gold price saw a major percentage change, requiring an adjustment to the analysis.  What you expect to see in a fan would be a backtest of the previous line, and this has finally fallen into place.  The $CAD gold price has fallen below the 89-week EMA, which makes a retest of the previous fan line seem out of the question.

A drastic reversal in the equity markets would have to be in order, a reversal of the down trend in bond markets, or a drastic drop in the dollar would have to occur.

http://schrts.co/SjVmr7

-F6