Replies to post #38353 on GOLDBUGS AMEX Goldbugs Index (GOLD)

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• • • Gold Update April 13th, 2017 • • •
By Martin Armstrong | April 13, 2017

We must pay attention this week to gold. We have rallied to test the Downtrend Line which stands at the 1289 level. A closing on Friday below 1255 will warn that a drop back to test support is then likely. The rally has been slow and begrudging to say the least yet of course the retain involvement is back in full force. If today closes lower than yesterday, then we may have a temp high forming.

From the outset of this rally, what looked very strange was that the Weekly Bullish Reversals were hanging out way above at 1340 zone. That was warning that gold simply had a lot of room to rally, but it did not appear to be a change in trend of sustainable just yet.

We are preparing for the turn and are putting together the 2017 Gold Report.

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