In the gold market, for the week as of right now, you’re up 0.38 percent. So the market didn’t get hurt. The chart action here is difficult. You can see that, I think, just visually. But what you have when you put on the swing line is you see that you’ve made a pattern of higher lows, and now you have higher highs. So, the short-term move is to the upside. That’s an uptrend—higher lows, higher highs. That would get violated if you took out the lows of Monday. So you don’t want to see this market getting back under the $3304.40 zone.
The 18-day average should be the resistance, $3365. It’s from there the market’s got to decide what it’s going to do. Closing up on over $3376.90, to me, would be a sign that the market wants to move even higher than that. Possibly attacking these highs back here. Hasn’t done it yet. Let’s see what it does.
Momentum, which was oversold, is trying to point up again. And that’s why I say the $3365 is your resistance.
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