When you look at the gold market here, you are back up to $2825 for the week. You’re up $13, about a half a percentage point. But if you finished right here, it’s an all-time high close. When you look at the chart, you had a huge outside day to the upside. The pattern is one of higher lows, higher highs—which is bullish.
The support’s all the way back at the 18-day average, to get there you will break the uptrend temporarily. So I’m not saying that that’s where it has to go but look where the market keeps stopping – the upper Bollinger Band. This is classic bull market situation. Will there be corrections along the way? Of course, there will be. Will this turn bearish? I don’t think so.
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