In the gold, we are down for the week – 1.2% The market’s come down rather hard. It’s gotten a bounce off of yesterday’s low. The trend is most certainly still to the downside. You can see how the market’s fighting a battle, and I would assume it’s going to fight a battle here to fight a $2738.
When I look at the market, it held the lower Bollinger Band, so that’s a logical first resistance area. When I take a look at how the gold is actually working here, it’s no longer an oversold territory.
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