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Gold for Month End April 2017
By Martin Armstrong | April 26, 2017

As we approach the month-end close in gold for April 2017, we are by no means in a breakout mode that is long-term sustainable just yet. We have geopolitical chaos with Syria and more importantly North Korea, which is far more dangerous because we have a 2-year old, a TV set, and a hammer he may throw at any moment because he was interrupted by a commercial.

A month-end closing on Friday above 1255.60 will help to keep gold stay for now, but the primary resistance remains in the 1305-1310 zone into June. We have Daily Bearish Reversals starting at 1248 to 1244 and a Weekly Bearish lining up at 1251. With gold trading in the 1270 zone, it is still neutral right now even in a technical perspective.

The Downtrend line stands at 1276 right now by the Break Channel top is at 1305. We still see the next key target for a turning point after this week is the week of May 8th. Ideally, a low this week with a closing above 1255.60 may then be followed by a rally to test the 1305-1309 level into May.

Keep in mind that the failure to achieve at least a monthly closing above 1251, may signal a drop back into a July low.

Keep in mind that to create the crisis in the monetary system, we need to see that dollar rally - not a decline. The target week on many models is showing up as the week of the French elections. If we see Le Pen win to everyone's shock, expect the euro to crash and the dollar to rally.

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