If you look at gold, you’re not down a lot. You’re down for the week, $22 or about 0.7% in the market. You can see the momentum swinging and support comes in, as I see it, at the 18-day average of closes of $3242. When we look at the gold chart here, there’s nothing super bullish on this. You have an outside day to the downside today.
Notice how the market, once it got underneath this 18-day average over here, the rallies have been contained at that 18-day average. So, the market’s not in that pattern, if you will, or that cycle—whatever you want to call it. We’re trying to make higher highs; rather, it’s in a corrective pattern at this point in time, and momentum is no longer oversold. So you’re probably getting some willing sellers in the market at these prices.
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