The GOLD Market

[mick silver]

http://armstrongeconomics.files.wordpress.com/2011/08/armstrongeconomics-gold-market-082411.pdf

[mick silver]

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.

[PatColo]

Saxena's bullish,

8/24/2011 @ 5:00PM |563 views

After Correction, Gold and Silver Set for Big Rally -- Puru Saxena (http://www.forbes.com/sites/kitconews/2011/08/24/after-correction-gold-and-silver-set-for-big-rally-puru-saxena/?feed=rss_home)