Posted Aug 28, 2013 by Martin Armstrong
Gold has rallied up to the key resistance level. We now need a weekly closing above the 1423 level before we go further on any sustained basis. The Daily Bullish Reversals are 144500, 146200, and 147730. The Daily Bearish now lies at 135400 so watch that level below.
We should have had a temporary high yesterday with a turn again tomorrow. But it is shaping up for the first week of September should be interesting.
The Dow Jones Industrials crashed to 1472264 intraday. But we need a weekly closing below 14805 to signal further downside into September. War is rarely good for the stock market during the initial stages. Nevertheless, we can see the market return based upon capital inflows if things get worse. China and Russia may line up against the USA and Europe needs a diversion even more than the USA to save its economic demise right now.
The Daily Bullish Reversals are now at 1533280 and 1567900. Here too, the next turning point is 8/29. Volatility should be rising as well.