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Martin Armstrong: Gold Update

* January 16, 2017

Gold has been pressing high since it generated and elected at the same time a Monthly Bullish Reversal on the closing of 2016. The first real resistance stands at the Weekly Bullish Reversal 1221. That would need to be exceeded to see a rally of $100 above that level.

Our timing models had targeted this week of the 16th for a turning point. We have used our What-if Models to determine what the Monthly Bearish would be from a January high assuming we reached close to the 1221 level. That would then come in at 1243. We have been warning for months that January would be a key timing target. Gold tends to be very seasonal and January is often the time for highs and lows on a major scale. The 1980 high was January 21st. February is also a Directional Change.

So be on guard for a high this week. Of course the gold promoters are yelling BUY as they always do. Nothing has changed to undermine the confidence yet in Trump with consumer confidence at record highs. To sell gold as the safe haven, the AVERAGE person has to lose confidence and that has not taken place despite the fact that press will bash Trump and everything he does no matter what.

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