Gold's been uptrending closer to $1192 but some indicators may be concerning

Gold has moved beyond targets I mentioned previously and closer to my long-term Fibonacci target of $1192. I thought it would engage in some wave movement with another correction or so before getting there. And it still may. We'll watch the uptrend channel on any pullback. Once it finally gets to $1192, we'll see if we need to fine tune around that number or not. What concerns me now? Aside from the US dollar, there's the "Mr. T" indicator! I saw Mr. T in a TV commercial last night, for action games. You have to read up at Minyanville.com on Kevin Depew's articles about the "Mr. T indicator". It tracks correlations between publicity about or including Mr. T, and peaks in the gold price! So I'm torn. The way it was extending upward I thought it might just accelerate up to $1192 - but now I'm less certain it won't pull back. Anyway, seriously, we'll just have to continue watching. I'm fairly serious about $1192 with the caution that once it gets there it may be ready for a larger correction. Not that I'd necessarily get bearish, but just a lot more alert.

On the generally bullish side, Tony Caldaro has published an overall bullish outlook on gold from which I've posted quotes here. My overall thought is that gold may go into a good consolidation later this year or early into next year, along with an upward correction in the dollar. After which it should be a great time to buy gold again. Just my best sense right now of how to approach gold on the bigger picture swing trade. Meantime, shorter-term traders can always continue to play it on indicators, trendlines and patterns, where the long side seems to continue working so far. In other words, no reversal pattern has appeared so it's premature to see a serious sell signal for most swing traders.

So we'll just have to see if the Mr. T indicator can delay its effect until we see $1192 first ...!