The fuse has been lit. The world economy is in serious trouble and we have the worst possible people at the helm. You have Obama who want to double the funding now for the SEC and CFTC to go after the banks because he smells blood. He also wants to add a $10 tax to oil just because he see something else he can tax.
The question becomes, just how long can we try to climb out of this mess before it consumes the entire rope? It does appear that the greatest period of turmoil will be 2017 moving into 2020. Whatever can go wrong – will go wrong. We have everything culminating from a Sovereign Debt Crisis to the War Cycle intermixed with political destabilization. Indeed, 2017 is going to be the year from political hell. With election is Germany, France, and the referendum in Britain exiting the EU, we then throw in the real potential for the election in the States to flip to Trump. The world as we have known it is coming undone.
When we look at the markets, they are clearly trying to speak to us. Many markets avoided their year-end numbers like gold closing ABOVE 1044 level. This we warned meant gold was not as weak as it might appear. The Dow closed lower warning there too a correction was underway.
So far today gold opened at 1197 and ran up to the 1215 area hovering around our opening pivot point for today which was 1207.57. Keep in mind that the resistance stands in the 1226 area but the real key here is to accomplish a closing above 1209 on Friday. Then we can get a pop up about $100 which would convince many it has turned. But alas, the stars are not quite aligned just yet. Our yearly resistance starts at the 1309 level so this is how far we can push gold right now. Beware, a break back below 1179 will warn the market is turn negative again.
(dopo ve lo traduco)
fonte: armstrongeconomics.com
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