When we look at the gold market, you’re up for the week, 0.13 percent of $3.90. When we take a look at the action, you have fallen off the peak from last week, and you’re consolidating. When we get further into it, you still have the pattern of higher lows, but now you might end up with a lower high—we don’t know yet.
If the market decides to break, one of the support zones could be the $2976 level. It’s about $50 an ounce lower, it is the 18-day average of closes. What stopped the rally was it was running against the upper Bollinger Band.
Read the full article here