Gold has moved up into the 1700 level. We have closing resistance at 1720.7 – 1720.9. Gold rallied above this level, but this is the area to watch for the close of NYC. If we close above this area, then it is possible to rally a bit more but leaving this week as the highest weekly closing. The Monthly Bullish stand as the major resistance. We still have resistance at 17700 and 18000. October remains as a Directional Change and the monthly targets remain November, January, May and July.
Whenever you reach a high or low you reach the peak in emotions. This is typically indicative of important events. At highs, people are convinced it will only go higher. At lows, they are throwing in the towel and give up. The majority ALWAYS have to be wrong for that is the mechanism that makes events change. In 1999 when Britain was selling gold reserves, the expectation was Italy and Spain would follow. They did not. So expect emotions to run high. That is necessary for all important turning points.
Today remains the ideal for a high at this time. The computer projected a high for this time frame at the last Conference. The Daily Bearish now will be under the 16500 level. The critical support on the weekly level has now moved up to 16680. Weekly turning points will be 9/17, 10/01, and 10/29-11/05. Weekly Bullish are still overhead at 18000 Of course the majors stand above 19000. The forecasting Arrays are being sent to all those attending the conferences & subscribers to the Metals Report. (more)
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