This week’s close of 1622.6 is the highest weekly closing since May. We
have to be cautious next week for we could still make a higher intraday
high, and then turn down for 3 weeks before turning back up. The
resistance to watch is 1671. We have to see a weekly closing above that
level before gold will see any sustainable rally. This crawling sideways
pattern is indicative of the calm before the storm. The volatility
should start to rise now for the next three weeks before we see another
turning point. The other number to watch is 1569. A year-end closing
below that level will signal a low next year completing a two-year
correction process with a 5 year rally thereafter intraday into 2018
with 2017 being the highest annual closing. If this pattern unfolds and
gold cannot get above 1671, the we may be looking at the whole Sovereign
Debt Crisis coming in starting next year. Taxes will rise in the USA
and governments are attacking the bullion trade as we see in France.
They appear to be forcing capital to hoard expanding the underground
economy. Americans with safety deposit boxes in Europe have been told to
get out. Governments are doing everything to grab money short-term.
They will cause a sharp economic contraction by forcing capital to
hoard.This is similar to the same patterns that set the Decline and Fall
of Rome in motion by Maximinus I (235-238 AD) who sought to attack the rich seizing all wealth.
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