USD Falls, Gold Unaffected: Bearish for Gold

USD Falls, Gold Unaffected: Bearish for Gold

So, as we take a look at the gold market and see where it’s at, you can see it’s slipping back a little bit— it’s down 0.3 [percent]. You’re not even down one percentage point. While we think that all the air’s out of the room, for the month, you’re down 0.29 percent. I’m sorry, that’s not a big number.

When we take a look at the weekly chart, right now, bar chart, you can see you’re actually up a fraction at this point in time. And when we take a look at how everything’s coming here, you have a higher high, lower low pattern. The support in the market, I think, is going to be around the $3217 level. That from here, could be $80 lower, or $70 lower in round terms, but just to give you an idea, that could be where the market wants to head to.

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