See You Next Month?
See you in precisely one month at the London Economic Confidence Model Seminar! Can’t attend in person? Keep reading to learn about our virtual ticket option. Prepare to embark on [...]
Gold & the Dollar
QUESTION: Marty, it looks like the goldbugs will be wrong once again and you will be right after all. I can’t wait for your technical conference. My basic technical analysis looks like we are going to break $1,000. Your target for a high in May seems spot on also in the euro. I cannot see how gold can rally if the dollar is the only game in town as you say. Any tips?
ANSWER: I do not have the time to read what they are saying this time. It is typically always the same — only up. They were probably stock brokers in a past life during the Great Depression. Technically, we are fooling around with 1247, which is important support. We have generated a Monthly Bearish for May at 1282, but we also have one on our What-If model at 1240. A closing below 1240 next Tuesday will warn that the May high may be the high for the year. We still have support at 1225 and 1206. A weekly closing below 1206 should start the sharp decline. Nothing has changed as far as support under $1,000. A strong dollar should be bearish for gold initially.
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