When we take a look at gold, any way you want to cut it, when I was telling you I expected the market to at least try to hold the 18-week average of closes. You can say what you want, it did a nice job of it. Now, what we’ve got here is a break of size and you’re getting a bounce. It’s not uncommon to get a 30 to 50 percent bounce. If it goes straight up beyond 66 percent, then you’ve got something else going on.
As I look at the market, you still have the pattern of lower highs, lower lows. The resistance is, as I see it’s $2680 and a half. The support showed itself at the 100-day moving average of closes. And the Bollinger Bands, which it was riding down to that number, and is now bounced away. The bears are still in control, is the point that I’m making.
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