GOLDBUGS AMEX Goldbugs Index (GOLD)

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~~~ Gold Update March 2017 ~~~
By Martin Armstrong | March 28, 2017

There is nothing close to provide any sort of a buy signal in gold on a more profound basis. Gold would have to exceed the 1340 area to be impressive. Technical resistance for this week stands at 1269. We did elect a Quarterly Bearish Reversal from the 2016 high. The next one is at 1140 level, so that is not close either. We would need a Quarterly closing above 1347 to generate a buy signal on Friday. So nothing has changed. We still cannot rule out a slingshot where we dip just below the $1,000 level and then swing dramatically higher. We need that propulsion to be impressive for the future, otherwise the rally may not be as impressive as one would hope.

We have a Daily Bullish at 1276. The February high was 1264.50. Therefore, a 3 month reaction from the December low would be March. Therefore, we can still make a new high above February this week, but watch the 1276 area followed by 1292 and the 1338.

The 2017 Gold Report will be available shortly after the close on this week.

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