Gold – November 16, 2015 (Intraday)

GC 11-16-2015 Intraday

COMMENT: Marty, if gold cannot rally now, then a turn to new lows will be devastating. What’s left for them to cling to? China reevaluating gold at $100,000? These people are becoming a joke.

REPLY: Yes, I suppose if gold closes today below 1087.30, it will warn that it is very weak. Only a daily closing now above 1095 has any hope of stabilizing it for now. Even the intraday reversals are at the 1092 and 1082 level on a 15 minute bar.

Notice that the euro has traded lower, but the Dow has traded higher. This is how capital reacts. It tries to flee the battlefield and that right now is Europe/Middle East. If gold cannot rally under these conditions, then it will be highly criticized by everyone else. The problem has been the sophistry these people use to sell gold. If people believe that gold is supposed to rally with war and it does not, then the goldbugs will lose ALL credibility in the main group of investors.