Gold elected a Monthly Bearish Reversal today at 1155. We have some support down at the 1042 level for now. Technical support for August lies at the 1029 level. We will be issuing the update on gold for those who purchased last year's report by the end of the month to cover the downside. This will cover gold moving into the low updating the weekly Arrays.

The long-term forecasting provided in last year's report has not changed. Everything is in line for the low to form on the Benchmarks. Personal opinion may change as it always does since we are only human. But the numbers and time are unyielding. Either both are reached or we wait. In this respect, the computer is far better than even I could hope to be personally.

Gold had 3 primary PATTERNS it could have taken following a 13 year high which were separate and distinct from PRICE. The first is the reaction phase which comes in either 2 or 3 units. If this were to have elected a Yearly Bearish we have at $681, then it becomes a Waterfall Event moving to a change in trend. That does not appear to be likely long-term. That is what the Dow Did from 1929 high electing its first Yearly Bearish Reversal in 1930 which resulted in the bottom by July 1932 within the 3 year reaction time frame.

Of course we have the typical people who just fight the trend and are desperate to try to prove me wrong on something so they can declare gold will not decline and they will be right no matter how wrong they have been to date. These are the typical fools who will be wiped out since they are always separated from their money rather easily. Opinions as always mean nothing for even in law it is distinguished as a comment in passing known as “dictum”. For something to be “law” the Supreme Court must expressly state the principle, not merely mention something in passing. So no matter what field we talk about, opinion is not worth a grain of salt. My personal opinion is never a forecast – only the computer can do that – not me.