When we look at the gold market on a weekly chart, the market is still staying here at all-time highs on a closing basis. You do see that – very impressive. When we look at this chart and you put swing lines on, the game changed today. Now, you have higher lows and a higher high with today’s action.
So you’re back up into what’s defined as a bull trend: higher highs and higher lows. Now the key to the uptrend is the 18-day average of closes. The market has to be over it and it is right here.
So what I think you’re going to do is you’re going to see traders buying the market, it’s my guess: $2454.80, stops under the lows here that we made two days ago, and give it to exactly where it’s at…this low: $2418 and from there, what I look for the market to do then is see if it can hold that and work its way higher.
Read the full article here