Thursday's option expiration for the active June gold COMEX contract notwithstanding, the last 5+ days have been a real kick in the teeth for those of us following the U.S. dollar price of gold.

I will admit that I had been hoping since 2 May 2016 that gold was making a handle to complete a cup and handle formation. That might have worked out, if gold stayed higher than $1240, the rough mid-point of the cup.

Well, here we are at $1220-1222. Ooof. Eyeballing the price chart, we're below an upward trending channel that started around 8 February 2016.

It is possible that we're rounding out the bottom of a larger cup. See the gold price chart from around 9 November 2015 to around 17 December 2015 and/or the gold price chart from around 5 November 2015 to around 14 January 2016.

Hanging in there . . . because there's no point in selling near the bottom of a cyclical bear market within a secular bull market, I am

Old School