Replies to post #38162 on GOLDBUGS AMEX Goldbugs Index (GOLD)

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Martin Armstrong: Gold Year-End Closings

* December 31, 2016

Gold still closed in a broader bearish mode under 1179. Support now is forming at 1130 level. We still see 2017 as critical for timing. Technical Resistance will form at 1246 and support at the 798-861 level. The best shot to get a slingshot to the upside still requires a break of $1,000. You must go to the extreme in one direction to create the catapult to the opposite direction. So focus on 1130 level as initial support.

Overall, the US share market has made a 7 year run. That is the minimum target in time for conclusion to a bullish trend. The patterns technically and our models looking on an extended basis into the future, do not imply that this is a major top. Nevertheless, that does not rule out a near-term correction before a resumption of the breakout. Stepping out is prudent and look to reenter on a Bullish Reversal or break to new highs.

We will be doing an important 2017 report covering several markets heading into 2017.

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