Gold & the Dollar - Martin Armstrong

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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