In the gold, the market is still near its highs. Can’t get away from that on a closing basis, on a weekly chart. However, when you step over here, you had a good rally today, and where that rally went, it did not take out the downtrend. You have lower highs, lower lows: today’s rally did not take out this high.
The market’s still caught far away from the upper and lower [Bollinger] Band. And the market, in terms of momentum, is just sitting still.
Read the full article here