GOLD
Gold has closed the week May 7
th
at 1587.3 below our 1599 Weekly Bearish Reversal. This indicates that
we should be moving now to test the 1522 level where we have the next Weekly Bearish Reversal and a
weekly closing beneath that should take gold down to 1407. A weekly closing beneath 1407 would point
to a retest of last year’s low at 1310.5. As I have been warning, this is the 13
th
year. The best possible
outcome was for a low this year rather than a high. This appears to be in the cards.
It appears that we may form a low as early as next week on a temporary basis. A May low appears it
could be followed by a reaction rally into July, with a panic to the downside in Aug/Sept. However, the
absence of a Directional Change in this period also warns that we could simply continue lower into July
and that would tend to make the Aug/Sept time period pointing up rather than down.
Timing models ONLY highlight the turning points. They DO NOT guarantee a specific high or low. To
accomplish that, we need the correlation with the Reversal System and Pattern Recognition.
Fundamentals really mean little. The whole fiat reasoning means nothing since gold declined for 19
years from 1980 when it was still fiat. The same is true in stocks when the price can decline on good
news and it is explained by saying the market
was expecting results “better" than that.
Markets trade technically because they are
influenced truly by everything. Each market is
interlinked to everything else so it becomes a
delicate dance of comparison and capital
flows like water to the lowest cost for the
greatest gain. Focusing upon just one market
exclusively ensures failure. The Directional
Changes in Feb/Mar worked perfectly and
now we see Aug/Sep as the key target ahead
GOLD
Gold has closed the week May 7
th
at 1587.3 below our 1599 Weekly Bearish Reversal. This indicates that
we should be moving now to test the 1522 level where we have the next Weekly Bearish Reversal and a
weekly closing beneath that should take gold down to 1407. A weekly closing beneath 1407 would point
to a retest of last year’s low at 1310.5. As I have been warning, this is the 13
th
year. The best possible
outcome was for a low this year rather than a high. This appears to be in the cards.
It appears that we may form a low as early as next week on a temporary basis. A May low appears it
could be followed by a reaction rally into July, with a panic to the downside in Aug/Sept. However, the
absence of a Directional Change in this period also warns that we could simply continue lower into July
and that would tend to make the Aug/Sept time period pointing up rather than down.
. GOLD Armstrong May 13th
Gold has closed the week May 7th
at 1587.3 below our 1599 Weekly Bearish Reversal. This indicates that
we should be moving now to test the 1522 level where we have the next Weekly Bearish Reversal and a
weekly closing beneath that should take gold down to 1407. A weekly closing beneath 1407 would point
to a retest of last year’s low at 1310.5. As I have been warning, this is the 13
th
year. The best possible
outcome was for a low this year rather than a high. This appears to be in the cards.
It appears that we may form a low as early as next week on a temporary basis. A May low appears it
could be followed by a reaction rally into July, with a panic to the downside in Aug/Sept. However, the
absence of a Directional Change in this period also warns that we could simply continue lower into July
and that would tend to make the Aug/Sept time period pointing up rather than down.
