Gold – The Week of January 19th – Here We Are

armstrongeconomics.com

Of course the Gold Promoters are touting jump on. They always do that. This was the target week the computer highlighted back in early December. Today is the Directional Change and the Daily Bullish Reversal stands at 1298. The weekly stands at 1324. Every time gold rallies, they come rushing out screaming BUY BUY BUY. We have warned that the resistance begins at 1310. Let the market speak the truth. OPINION means nothing at the end of the day.
Gold rallied for no reason these people have ever touted. Gold rallied because the crack in the Euro – not the dollar. So far, they have been rather consistent touting every high as the last chance to buy. If you take the contrarian view, they may be picking the high once again.
A daily closing back below 1284 will warn of a retest of support. A closing on Friday below 1287 will also warn of at least a temporary high. A closing back below 1255 will signal a correction is now likely.