Martin Armstrong has published his latest outlook for gold, and Armstrong is looking for a continued correction through January down to the $1405 area.
Armstrong states only a year-end close below $1,058 would be bearish long term and signal a prolonged decline, while a 2011 close above $1704.20 is needed to continue gold's short term bull move.
The world may hold together until June. From then on it appears to be starting to go nuts going into 2014.
It is not fiat currency you must fear. It is government itself. So if you want to know why gold will eventually go up? It ain’t the fiat. Try good old fashion security from the enemy within.
December should have been a Directional Change. So far that looks to be on target. The Indicating Ranges for December are MOMENTUM 198010-163800, TREND 153950-107200, and LONG-TERM TREMD 163700-132870. This shows that the first level of support is at $1539, followed by $1328, and $1072. The Yearly number of $1405 also provides important underlining support.
The Weekly Bearish Reversals to now watch after 1604.00 are 1522.00 1405.00. As it currently stands, a decline into January is the most likely course of action. We can see a intra-day low form in February, however, January is still likely to be the lowest close.