In the gold, if you were to finish here, you’d be at an all-time high. For the week, so far, you’re up 1.1 percent. The market cleared the old high it made. It was in a consolidation. It’s trying to say it can come out of it to the upside. The pattern is one of higher lows and higher highs. Now, you had an outside day up today, and that was this big move. Now, tonight you’ve got an inside day. You haven’t taken out Monday’s high or not, as the markets reopen. You don’t want to see today’s lows taken out. If they are, it could be a sign this market wants to step back and give you at least a pause and maybe a correction. That’s how I’m reading it.
The 18-day average keeps climbing every day. The Bollinger Band is far away at the $3811 zone.
I don’t expect a lot of a correction, but because you’ve just come from $3400, and you’re now pushing $3718, I think that you’ve got to, in some manner, figure out where you’re going to knock in some of your profit.
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