So when we look at the gold market, let’s understand. You’re just coming off challenges, I’m a closing basis. Only on a weekly chart of all-time highs. When we take a look at this chart the highest high the market really got up to (and this ties with it) is in this $2540 area. You can see where it’s at there. And yes we have sold off from there dramatically.
In fact, we sold off just to give you an idea from last Friday’s high; when the market got to $2522 to the low of $2403, $119 an ounce, that’s a huge break anyway, that you want to look at it. Did it go through the prior low? It did not. And this is where you’re at…when we take a look at the pattern on the chart, you have a higher high and lower low, that is not a trend.
Read the full article here