Posted Jun 27, 2013 by Martin Armstrong
QUESTION: I understand now what you have been trying to explain about gold and have suffered the slings and arrows from the Goldbugs. They have been totally discredited and you are right in saying they are not real analysts. That is why they stopped quting you. The target you gave of 1150 you said was the minimum. Is that still true? Have you seen The 8 Worst Gold Price Predictions We’ve Ever Heard
ANSWER: Yes. we are approaching the minimum target in the proper time period June 2013. This is simply the way all markets behave. The bulk of the decline comes within the first 2 years. Gold is finally capitulating as the decline has been on HEAVY volume of liquidating long positions. Our Monthly Bearish Reversals are 1236, 1155, 1042, and 930. These define the key support levels. Our Weekly Bearish is 1233 then 1197, 1185, 1176, 1166. The optimum target is the bottom of the channel so we are looking at 1040 area to 1020 with the major support at 939-930.