When we look at the gold market, you’re sitting here at $2894.7 on a weekly chart of just closes. That would be if it settled like this, a 0.38 percent for the week would be a new all-time high—not saying, it will end up there or not. The markets in what we call, at least what I term, a distribution channel. It’s when the market creates a high and low, and it starts just whipping back and forth in there.
For the pattern, you still have higher lows and higher highs—okay, I can live with that. You’d have to take $2886.5 in order to break that pattern. You got down to $2887.60 so far, and we’ll see if the market can do anything by breaking under it.
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