If you look at gold, this is an area chart of closes, and as you can see, if the market were to finish here, it’d be a new high closure. Already up on the week, 2.92 percent. You’re up on the month for that amount as well, because it’s the first day of the month. When you take a look at the bar chart here, you’re not yet approaching these all-time highs. The market has come up very nicely. It most certainly is in an uptrend, and it’s been in one. If I take away today’s action, just to give you an idea. This is how you look coming in. You had higher lows, higher highs. You’ve been in a bullish configuration, right, and this is what it’s done so far.
The Bollinger Band is right above the market at $3430.50. Therefore, when I look at where the momentum is, which is overbought, and the market approaching that, that’s where I’m expecting resistance to stick in.
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