In the gold market, you are down 0.12%, which means you’re basically unchanged on the week, and you could see that you’re down $3.9. So, you haven’t really done anything. When we take a look at the chart here, the market came down in a stepping ladder impact. When we had this rally up through here, that took out these highs, and you see that with the swing line that negated the downtrend. And now it’s put it back into one, with the current action. Now you’ve got lower highs, lower lows again. The market is under the 18-day average. So the bias is down. The resistance in the market up at the 18-day average, $3358.20, and the support in the market properly $3273, the lower Bollinger Band. Could it slip lower than that if it gets going? It could.
When we take a look at what the market is doing right through here, in momentum, not oversold. Just sort of drifting. So still in the bearish play as I see it.
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