GOLDBUGS AMEX Goldbugs Index (GOLD)

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The Metals (Gold) for the Benchmark
By: Marty Armstrong | September 12, 2018

Our Benchmarks in the precious metals are reaching a convergence and are fixed for the weeks of 9/3 in silver followed by the gold target due the week of 9/10. Up to now, we were declining in this market since the last high was made the week of 8/27 at 121570 for 2 weeks. We have penetrated last week's low of 119510 reaching so far this week 119270. Normally, we would expect a high or low to form at this time. When we get consolidation (sideways movement), this confirm that the market is NOT yet ready to change course and it is preparing for a sift. The next target will come in December on the Benchmarks.

A key numbers to watch in Gold will be 1229 and 1211. We really have to exceed 1229 to even get a sustainable bounce into October/November. We need a weekly closing ABOVE 1211 to avoid a further decline ahead.

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