In the gold, on a closing basis, you’re back up to these old highs. So now, what will the market do? It’s up about half a percent so far for the week. Holding on to the gains, you can see how the market has come up here. But as I told you, you’re now into this area that you’ve had trouble with before. Can it accelerate from here, or is the market likely to pull back? Pullbacks probably get bought as long as the market holds on. What’s stopping the rally is the upper Bollinger Band, you can see that right through here, the black dash line and now you’re embedded.
So, on the first reasonable break in the market, I expect to see the pros attempt to nibble on it. I think they’ll bail if the red line closes under $79. And if it doesn’t do that, I think they’ll hold on to see if the market can get up over the $2800 level.
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