Posted on February 3, 2016 by Martin Armstrong
Gold is slowly and begrudgingly moving up to start to test the key resistance. We need a weekly closing ABOVE 1143 to push higher. The band of resistance begins at the 1156 level followed by 1170, 1175, 1184 and 1208. Only a weekly closing above 1208 would even hint at a more sustained rally.
The Directional Change we had for the week of January 25th performed as expected. The previous high of January 8th at the 1113 area was penetrated on Tuesday January 26th. This was a breakout to the upside fulfilling the Directional Change meaning the sideways consolidation came to an end and the market made its move to a new trading level. The Panic was a big move in one direction rising from the close of the previous week at 1098 reaching a high at first about 1128.
Now we are looking a caution being advisable as we enter February.
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