Gold is now long via a HP KISS system, an SMS alert was received.

Gold chart based on yesterday's action is here. Goldman has a target of $3,000 for the year end.

For today, I would expect to see a retest of 2633 area for a buying opportunity in gold. 2622 is a stop, That could prove to be a good swing, trail your stop up. If Andrew Maguire was correct about no single ounce of gold being sold back at London, gold is not going back to 2500!

Steve,  do  you see 5 waves up on gold futures since the Thursday low? Or is it 3 waves on 15-minute charts?

I see ABC, with C completing wave 4.

Two targets on gold bounce: $2,653, and $2,663 to $2,693 spot. Add $5 premium for Dec futures.

2600 on Dec gold is now support. Now at 2613 resistance. 2625 is a buy stop for a swing long on the closing basis 30-minute charts. Last Friday's low is a conservative stop. 2556 is a sell stop for a short.

2620 to 2625 is a resistance band.

A buy stop of 2585 was hit, 2600 and 2613 are resistances.

Stats on past corrections in gold: https://www.youtube.com/watch?v=I6Fk59OCUh4

Physical gold market update  from Andrew Maguire with charts https://www.youtube.com/watch?v=3ms6fMHxB8k

Gold futures are closing on EMA(18)  on weekly charts.  Positioning is still bullish.

They lag, indeed. However, if you track professional activity (high-position size buying or selling), you could extrapolation pretty well. Multiple divergences add to your conviction score.

For example, professionals were flat on gold at the end of last week near 2700 Dec futures. The chart was screaming to watch out below. You know what happened this week.

Traders are paid not for thinking but for using objective data to form their decisions. To answer your question, you could review COT reports on positions on your chosen index. While there are multiple divergences on indicators, the price is above 20MA and 50MA on weekly charts, used by professional money managers.

Based on my indicators, professionals are long /NQ and /RTY, and almost flat on /ES and /YM.

From ZH:  Rickards: Your Trump Investment Guide  https://www.zerohedge.com/markets/rickards-your-trump-investment-guide

GLD is moved by Central Banks and big funds with deep pockets. GDX is moved by hedge funds and individuals. I watch GLD for that reason. Some of that action occurs on the physical gold market, and is not reflected in either GLD or GDX contracts. Just FYI.

Based on Andrew Maguire, 2500 spot gold is a very good support supported by Central Bank bids right underneath it. I have no knowledge of any corresponding  data for GDX. If a sell-off on the market occurs, GLD will act as a safe haven, while GDX could go either way.