Gold & the False Rally

GCNYNF-M 7-29-2014

 

Every single brief uptick and they come running out of the closet and start all over again – sell everything you own and buy gold. We will be releasing the Special Report on metals next week after we get this monthly closing. So far, it still appears that gold could extend this present bear market correction into September 2015 before reversing. That means we may have to see that crack below $1,000 and the majority must shift their beliefs to when there is a rally – they will just say sell it.

As we enter the end of July, the resistance stands at the 1330-1350 area and a closing below 1330 will signal gold is still weak. There are no nearby Monthly Bearish Reversals until we get down to the 1240 level. A closing below 12650 will warn that the upward momentum has been lost.

We are also attempting to put together a Gold Stock report as well since institutions really cannot invest in gold directly lacking any income.