So, let’s together take a look at gold. First of all, for the week and we’ve just began, you’re down two and a half percent for the week. That’s a monster break. If the market keeps going down to $2574 levels, the next support zone on a weekly chart. As you can see on the daily, this market fell apart after it got back under these lows right through here. And that set this whole tone off, I thought the market might have found its footing right through here last week on Thursday when it came back up. And it sort of stalled out on Friday as you could see.
When we take a look together at moving averages, you’re not quite there yet. You’ve got the swing line to lower highs, lower lows – that is bearish, and that set the whole tone off. And that was confirmed when you took out the lows today of last Thursday. So that’s when I got nervous, I thought the market might return there. It has been under the 18-day average so the bias is down. Now the trend is down, so where do you think the support’s going to come in?
I can tell it’ll come in at the Bollinger Band down to this 100-day average, that’s where I’m looking for the support. So you’re there is one way to look at it and you’re oversold. That doesn’t mean it can’t go lower. I don’t see a reason for it to go lower, I think the damage was done.
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