GOLDBUGS AMEX Goldbugs Index (GOLD)

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Martin Armstrong: Socrates on Gold

* September 7, 2016

AS OF THE CLOSE OF Tue. Sep. 6, 2016: We should see a trend change come September in NY Gold Nearest Futures so pay attention to events ahead. Last month produced a low at 130690 and so far we are trading neutral within last month’s trading range of 136970 to 130690. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline...

Consequently, this market has bounced from that low established the past 3 days trading sidways. We elected the three Daily Bullish Reversals from that low at 130550. We need to focus on overhead resistance at 135810 on a closing basis. A closing above this number will imply a further rally briefly. Failure to achieve such a closing warns of a retest of support.

Daily Level
Indicator Description… Trend

Immediate Trend ……….. BULLISH
Short-Term Momentum ……. BULLISH
Short-Term Trend ………. BULLISH
Intermediate Momentum ….. BULLISH
Intermediate Trend …….. – Neutral –
Long-Term Trend ……….. (Bearish)
Cyclical Strength………. – Neutral –
Broader Trend …………. BULLISH
Long-Term Cyclical Trend .. BULLISH

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https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/socrates-on-gold-2/

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