As we look at the gold market, if it finished here it’s an all-time high close. We’re ready into Thursday trade. You are still going sideways. It’s formed a triangle pattern, which way is it going to break out of it? The trend has higher lows, but it has lower highs.
Number two, the market is still above the key support of the 18-day average, which means the bias is up. Number three, you backed away from the Bollinger Bands and when you did so, you lost the bullish embedded reading. Which often means price is going to hit the 18-day average of closes which is $2982.70 at this minute before it gets over $3065.20. That does not mean I’m bearish. I’m bullish, why? Because the bias is up, but I’m expecting a pullback in the market.
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