In the gold market on the weekly chart, you still have lower highs, lower lows. You can’t get away from that, and you see it when you come to the daily bar, a little different. You do see how the weekly chart looks with these peaks, but you’re over the 18-week average. So you still have an upside bias with that. When you come to the daily bar chart, let’s take a look at how the swing line action is. As I said, the market has higher lows, you had that through yesterday. And a higher high, you had an outside day up, and that’s what the market did.
The target in the market could be wherever the Bollinger Band is. It could be all the way up there, and momentum-wise, you stuck your head back up. So the correction ran its course, and you’re now in a bullish phase again in the market.
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