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Gold & the ECM (Economic Confidence Model)

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DiscoverGold   Sunday, 01/19/20 05:54:55 PM
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Gold & the ECM (Economic Confidence Model)
By: Marty Armstrong | January 19, 2020



Quote:
We have a very interesting pattern which is screaming caution right now. Despite the fact that gold peaked intraday the week of 01/06, the highest WEEKLY closing was actually Friday the 17th. We really need to see a monthly closing above 1570 for gold to hold on to recent gains. A monthly closing below $1405 will warn that gold can still decline into 2021/2022 in the face of a strong dollar. We have had a Direction Change target in 2020 and the next turning point is not due until 2022.

Hence, the bear market is NOT over until the fat lady sings as they say in Opera. A close below $1525 for the end of 2020 will warn caution is still advised until the dollar crisis is over.



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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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