Posted Aug 24, 2012 by Martin Armstrong
Gold is moving to the upside going into the end of this month. This is not particularly good long-term just yet. Nevertheless, the first resistance is 1683 with the Weekly Bullish Reversal. 1674.3 is the high of May which was the low on this move. That is providing some closing resistance just technically.It is always the Monthly Bullish Reversals that are the key to any change in trend even short-term. They still stand at 1770 and 1796. But a new low under that of May would cause those numbers to drop sharply setting this up for a possible change in trend near-term.
The higher volatility we saw for 3 weeks after the week of 8/6 seems to be on target. Unfortunately, a rally for 3 weeks sets the stage for the opposite direction. A low would have been better. But we have to take what the market gives. Turning points are just that, An event.
We are working diligently to get the computer writing the reports ASAP.