Posted Feb 25, 2013 by Martin Armstrong
Gold closed on Friday at 1574.8. The major support is highlighted by the Monthly Bearish Reversals at 15470, 15410, and 15320. This is the critical support and a monthly closing beneath these three reversals will confirm we should retest the 1160 area. A minor Monthly Bullish stands at 17580. The next two Weekly Bearish Reversals are 15640 and 15320. From a timing perspective, next week is a turning point followed by a Panic Cycle the week of March 11th. Volatility should reach a high the week of March 18th. This week is a Directional Change. The key is the monthly levels and until these three are taken out, then gold is still basing. Daily closing resistance is at 1652.
Overall, February was a Directional Change and that has been on the money. High volatility appears in April and the next major turning point will be May followed by Sept/Oct. We still see gold rising after 2015.75.