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Gold Might Respond to Bad News on Some Bank Credit Ratings

If we look at the gold, the big question, and I mentioned that yesterday: will this break be able to carry to the 18-week average of closes? Or is it going to again make an attempt like it's getting to it and turn itself back up?

If you take a look at the chart action here, you've really gone nowhere in a very long period of time. It's just short-term waves like that. Not really going one way or the other. The swing line today has now got higher lows and higher highs. 

That's why I say, the market turned up, you get to see that here and notice the battleground, the $2076 ground, the 18-day average, it closes, we're staying there, we've come down a couple of times to the 200- day average, not the 100[-day average] we've held it and we haven't gone to a Bollinger Band bottom yet at all.

Rather, the market is sitting here over the 18-day average and the next resistance back into the $2072 level, In terms of momentum, we've had a correction that's gone flat so I'm back in the friendly camp until you take out the lows right through here. And specifically that low would be, I'll give you a number right now: $2030.80. So you have to hit $2030.70 to negate the attempt at being bullish.

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