Let’s go and take a look at gold. First off, on a monthly basis, it was an all-time high close, end of discussion. Second, the market is still stuck in the trading range before I left. If you think you’ve come out of this, if you look at this peak to that decline afterwards, you haven’t come out of that in any manner yet. The pattern on a weekly chart is one of lower highs and a lower low, so you’re still in a bit of a downtrend. The momentum is up—that’s what’s fighting it. You have not been able to close under the 18-week average.
The slow stochastics is staying overbought. So they either embed or they got to to correct a bit more than that.
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