Well, as we take a look, the gold market is holding steady here. It had a nice rally today. The market’s very concerned—that’s the U.S. first allowed its time seeing, but we’ll talk about that in the financial update.
Right now, in gold so far, I think you’d agree the market has held that challenge on a weekly basis of hitting the 18-week average zone of $2585. For the week, you’re up 3.19%—that’s a good gain at this point going into the trade. When we take a look at the gold market, we’ve come up, but I think you’re going to hit resistance on this rally.
What you’ve got is a market with lower highs and lower lows. You’d have to take out the high up here, which—let’s just say it’s in the 27-and-a-quarter zone—but you’d have to take that out. Unfortunately, the 18-day average comes in well ahead of that at $2675. So if the market gets there, that is the number I’m looking for resistance to show up at.
Read the full article here