Gold closed at 1094.10 holding the Weekly Bearish Reversal at 1084 once again. The nasty emails have come in already asking, “Where’s the bounce?” It seems there are some people who hate me so much that they live to try to prove me wrong; I suppose to make themselves feel better that they’re out of their minds. Instead of this being a learning experience, they try to turn this into some personal contest.
Let me say this once again: this is not about my OPINION. This is about analysis; it is not about what I would personally like to see. Unlike the Presidential candidates, God does not speak to me every day, once a week, or once in a lifetime about the direction of any market. This is not my OPINION.
There is one golden rule: what does not go up goes down or the other way around. The fact that gold has paused indeed makes it a BOUNCE. The height of the BOUNCE may not be impressive; yet nonetheless, a bounce is a bounce, even if it is a dead-cat-bounce.
Next week is a turning point followed by the week of 08/24 and 09/07. We see oscillating trends every two weeks after Monday unfolding. If this is the best gold can do for a BOUNCE when the trend has turned back up, then what will not rally, will go down hard.
I cannot say it more direct than this: TIME & PRICE are two separate forecasts. If you do not get this through your head – well, you are on your own. In this case, TIME has dictated that an uptrend should unfold. This has been correct. PRICE has shown that we indeed paused, but the rally has been more of a dead-cat-bounce than a robust short-covering to any degree. This does NOT speak well for the downside and warns we may see a more serious decline compressed into a short period of TIME.
We will be sending out the update to the 2014 International Precious Metals Report by the end of the month. Everyone who purchased the 2014 International Precious Metals Report will receive the update via e-mail.
