Loading ...Armstrong Today on Gold
We need gold to close above 1187.50 tomorrow to signal some further upside is possible. We need a daily closing above 1206 to suggest pushing higher. If we can get a weekly closing ABOVE 1210, then we can see a pop up to the key technical resistance at the 1285 area. Caution is ADVISABLE. There is a risk that the further we move up now without breaking out, then there will be a greater risk of a very sharp drop into the Benchmarks. As far as a real change in trend is concerned, not everything is yet lined up to imply such an event looking across the global market landscape. We will let you know if this changes at all. So far, this is nothing unusual.
If the “pop” scenario unfolds, then your original scenario comes into play.
Pop scenario seems less likely given multi-year trend, huge volume on GLD today (exhaustive with little price movement), exhaustive volume on all miner-related charts, and bullish turn in USD.