We have not yet broken gold for all the people writing in. So far we have elected three Weekly Bearish Reversals from the July 2016 high in gold and three Monthly Bearish Reversals. We have elected two Weekly Bearish Reversals from the high in June and fallen into the target week of July 10th and last week was the Panic Cycle. We now look to the week of July 24th for the next turning point.
We are getting ready to relaunch Socrates. This is what it wrote for the Detailed Analysis today:
“Focusing on a trading perspective, the market has declined after making its high back in July 2016 at 137750. We did elect 3 Monthly Bearish Reversals warning that we have a more serious bearish shift in trend in play. Subsequently, we have formed a low at 112430 during December 2016 from which we have seen a bounce for the past 6 months. We have also elected 2 Monthly Bullish Reversals from the reaction low of December 2016 and we have now dropped back penetrating last month’s low implying we will retest support. A month-end closing below last month’s low of 123650 will be a technical warning of weakness ahead. Any long position should use a protective sell stop on a monthly closing basis at 121420. Keep in mind this is just a trading suggestion given it is merely a trading observation rule. Buy or sell signals take place on Reversals and Cycles. “