Gold: The Bounce

GCNYNF-W 1-26-2016

Naturally, the gold promoters are out in full force. The problem with their theories has always been that they are dead wrong. The REAL BULL MARKET will see the metals rise with equities. Right now, the promoters are focused on the stock market and yell, “Buy gold!” because a depression is here. We need to see a weekly closing above the 1143 level to raise any hope of a temporary low. Without that, we have a turning point in February that can be a high moving into the next benchmark target. A closing for January below the 1103 level will warn that there is inherent weakness still lingering within this market. Next month, watch the 1097 level for that is key support. Break that, and we are looking into a low into the second benchmark.