Copyright Martin A. Armstrong All Rights Reserved August 24th, 2011
The GOLD Market
The markets followed through after Friday’s closing but gold failed to close ABOVE 1900 last week and bounced off the projected resistance for this week 1910-1960 for this week topping at 1917. The sharp decline suggests a temporary high is coming as of this week, just four days early although the price target was achieved. The closing support remains at 1730 and a daily close beneath that area would warn of a nearby correction and we have a temporary high. A mere closing BELOW 1780 today will keep gold BEARISH for now. This is the correction that seems to be due for this period, but we need a weekly closing BELOW 1617 to confirm that. A further weekly closing BELOW 1583 would warn of a serious correction to flush-out a lot of people before any uptrend could resume.
Volatility will rise in November and should remain fairly high for the first quarter next year. A month-end closing BELOW 1630 would signal a serious correction is likely back to retest 1350.
This is the ideal QUARTER for the high being 43 such quarters from the 1999 low (5 x 8.6). At the very least, we should get one quarter correction with a max up to three taking us into the second quarter next year. That outcome would be indicated by a year-end closing BELOW 1427.
The bull market I not over long-term. The market will reveal its intent based upon the closings laid out. We did NOT get through the NORMAL projected resistance at 1910-1960, so that is good news in that we avoided a PHASE TRANSITION up to 2500 that would have warned we are in VERY serious trouble until the ECM turns in 2015.75
A detailed update will follow shortly.
The GOLD Market
The markets followed through after Friday’s closing but gold failed to close ABOVE 1900 last week and bounced off the projected resistance for this week 1910-1960 for this week topping at 1917. The sharp decline suggests a temporary high is coming as of this week, just four days early although the price target was achieved. The closing support remains at 1730 and a daily close beneath that area would warn of a nearby correction and we have a temporary high. A mere closing BELOW 1780 today will keep gold BEARISH for now. This is the correction that seems to be due for this period, but we need a weekly closing BELOW 1617 to confirm that. A further weekly closing BELOW 1583 would warn of a serious correction to flush-out a lot of people before any uptrend could resume.
Volatility will rise in November and should remain fairly high for the first quarter next year. A month-end closing BELOW 1630 would signal a serious correction is likely back to retest 1350.
This is the ideal QUARTER for the high being 43 such quarters from the 1999 low (5 x 8.6). At the very least, we should get one quarter correction with a max up to three taking us into the second quarter next year. That outcome would be indicated by a year-end closing BELOW 1427.
The bull market I not over long-term. The market will reveal its intent based upon the closings laid out. We did NOT get through the NORMAL projected resistance at 1910-1960, so that is good news in that we avoided a PHASE TRANSITION up to 2500 that would have warned we are in VERY serious trouble until the ECM turns in 2015.75
A detailed update will follow shortly.
2 comments:
One sign that perhaps Armstrong's more bearish predictions might come about is how much gold fell the past two days while the dollar remained very weak. A rally to 80 on the DXY at this point would entail lots of fundamental (or quasi-fundamental)- based selling, whereas the drop over the past few days was pure technical trading catalyzed in the most obvious way by the evil banker cartel. Jesse's Cafe captured my feelings perfectly:
"The blatant and heavy handed bear raid in the metals, although a source of some profits and very much anticipated here, still makes one want to gag at its arrogant carelessness and cheap obviousness."
Btw, here's a great interview by James Turk of a guy who explains how obvious the capping and interference in these markets is. Very educational, if a bit creepy. I'm not paranoid by nature, so when you realize that just because you're paranoid it doesn't mean they're not after you, it's not a good feeling.
http://www.goldmoney.com/video/mcshirley-turk-interview.html
WB group:
The Leader wishes to inform his readers that a sovereign central bank will soon announce that it is accumulating silver as a reserve asset.
Also he is advising those who have participated so successfully in the latest gold run to shift their entire focus to the silver market.
As to Jes Staley, The Leader will give his reply at the appropriate moment.
You're going home in a body bag, do da, do da.....
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