When we look at the gold market, you’re knocking on the door. I saw that one of the parties asked on my YouTube channel: “Do I think gold can hit $3000 this year?” And my answer is yes. I need a reason to think that it’s not. From here, where it’s at right now, that’s a 10 percent gain, that’s not outlandish. That is the reason that I think it can do so.
When we look at the weekly chart on gold, you can see you’ve been caught in this range in the market. You are in an uptrend on the swing line; you’ve had higher lows, higher highs. You’re over the 18-week moving average of closes, which is over the 100 and the 200. It’s lined up in a bullish development.
The market has held the 18-week average overall, and it’s been held back by the upper Bollinger Band overall. That’s where you’re trading against. So $2776 is the upper band, you’re $2735 right now. You’ve been up there, you know that. So, now the market has to decide what to do and momentum is up but overbought.
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