This is exactly what Martin Armstrong has been saying ...once the bull starts again with every climb the Gold Bugs will sell because it has been a torture to be in gold for the last 3 years . A wise man you are . Except ....Armstrong believes in a low gold price ( $ 1000 or less ) BEFORE it goes up .... so all gold bull will be stripped . bogi
If/when gold trades above $1392 that will give me 99% faith that gold is not going to $1000 as Armstrong suggests. Gold needs to achieve $1392+ to make a higher Intermediate Cycle high. Gold has already made two higher Intermediate Cycle lows.
The very definition of bull vs.bear markets is this consideration of price either making higher highs and lows vs. making lower highs and lows. For myself, Armstrong's outlook has some possibility, as the higher highs concept has not yet been validated. But after $1392 is achieved I would think gold is nearly certainly in a new bull market.
Anyone notice the near vertical trend line of the S&P 500? It's noticeably steeper than the ascending trend line into the 2007 top and very close to what we saw into the 2000 top. For length in terms of time, this trend line surpasses both 2007 and 2000. Seriously, how much longer can this go on?
Marty has a "Monthly" close above $1352 as Bullish and above $1617 signals a breakout. One can see those trend lines on their own monthly chart, from the $1923 high across the Oct 2012 $1800 high is the major resistance trend line giving $1600 as a breakout.
Agree $1392 is the first step towards a bullish higher high but to recall the Bull much higher monthly closes are needed as Gold (so far) has retraced 38%+ from the 2011 highs.
That's why I trade the long and short side as lots of gains will be made as gold swings up and down during the cycles before a confirmation the Bull has returned, a lot of bottom calls these past 3 years, lol.........jj
Gary, are you still expecting a decline to 1285 like you mentioned last week..I see you have one chart with a decline to 1285 and then another to only 1310 which already has happened today. You talked about a daily cycle low by this week..is today it?
My take on the chart above is that we go up to 28.50 or so soon then a correction to 26.50 or so which is about current levels then another march to 31. So basically might as well buy now since we arent going below 26.50 or unlikely too..
This is exactly what Martin Armstrong has been saying ...once the bull starts again with every climb the Gold Bugs will sell because it has been a torture to be in gold for the last 3 years . A wise man you are . Except ....Armstrong believes in a low gold price ( $ 1000 or less ) BEFORE it goes up .... so all gold bull will be stripped .
ReplyDeletebogi
If/when gold trades above $1392 that will give me 99% faith that gold is not going to $1000 as Armstrong suggests. Gold needs to achieve $1392+ to make a higher Intermediate Cycle high. Gold has already made two higher Intermediate Cycle lows.
ReplyDeleteThe very definition of bull vs.bear markets is this consideration of price either making higher highs and lows vs. making lower highs and lows. For myself, Armstrong's outlook has some possibility, as the higher highs concept has not yet been validated. But after $1392 is achieved I would think gold is nearly certainly in a new bull market.
Anyone notice the near vertical trend line of the S&P 500? It's noticeably steeper than the ascending trend line into the 2007 top and very close to what we saw into the 2000 top. For length in terms of time, this trend line surpasses both 2007 and 2000. Seriously, how much longer can this go on?
ReplyDeleteLonger than you think ...it's a bull market ..DOW to 30,000 by 2016 or close to it ...
Deletebogi
Marty has a "Monthly" close above $1352 as Bullish and above $1617 signals a breakout. One can see those trend lines on their own monthly chart, from the $1923 high across the Oct 2012 $1800 high is the major resistance trend line giving $1600 as a breakout.
ReplyDeleteAgree $1392 is the first step towards a bullish higher high but to recall the Bull much higher monthly closes are needed as Gold (so far) has retraced 38%+ from the 2011 highs.
That's why I trade the long and short side as lots of gains will be made as gold swings up and down during the cycles before a confirmation the Bull has returned, a lot of bottom calls these past 3 years, lol.........jj
Gary, are you still expecting a decline to 1285 like you mentioned last week..I see you have one chart with a decline to 1285 and then another to only 1310 which already has happened today. You talked about a daily cycle low by this week..is today it?
ReplyDeleteMy take on the chart above is that we go up to 28.50 or so soon then a correction to 26.50 or so which is about current levels then another march to 31. So basically might as well buy now since we arent going below 26.50 or unlikely too..
ReplyDelete