As we look at the gold market, you’re up 1.8 percent as we go into Friday’s trade, we’re in it right now at $47. And if you were to close here, because this is a weekly chart of closes, it would be an all-time high close. When we look at what the chart did, it certainly picked itself up. It’s had a heck of a run to the upside. These types of runs are often met with a correction eventually. Now, the correction could be sideways action, it could be a little bit deeper, just like you had the one here; the first breakout. And that can happen.
So if you’re not in, this is probably not the spot to be coming into the market is what I’m saying. When you take a look at the market in terms of moving average, it’s well over it. And if you broke all the way down to $2600, which is $94 away, roughly $91 away; that would get you into the support zone of the 18-day average.
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