As we take a look at gold, it had that pullback, and then the market took off one more time. For the week, you’re up 2.15%, and if you were to close like this, you’re about at an all-time high close. When you take a look at the bar chart, you can see what you’re doing. You had that big break, didn’t we talk about that? You had a spike up over it, came back down, didn’t take out those lows, and you built from that to this move to the upside right now. The trend is up as you have higher lows and higher highs on the swing line.
The market came down, challenged the 18-day average, held it, and that’s when the rally took off from that number. The upside target is the upper Bollinger Band: it’s at $3492.80. Could be hit, maybe missed, but I think it could be hit. When you look at momentum, you’re overbought. So I wouldn’t want to overstay my hand on this leg. It’s an area to take some money off the table, probably.
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