Skip to main content

Gold Staying Under Pressure as Long as Dollar Keeps Climbing

So when you and I look at the gold, we are down for the week (midweek now) about 2% percent, 1.9% on a weekly basis. We've had one wild ride in this market where you got up to $2150, and you're now $100 an ounce lower. Why is the market stopping here?

Well, let's take a look and see what's going on. Ready? It's because the 18-day average is right here. You hear me talk over and over a neutral spot on the chart. Line in the sand; that number is around $2027. The pattern on the chart is a spike high and then we broke down. So the swing line, which is this brown line right here, is no longer trending. You have a higher high but a lower low pattern; that's no trend. You can see how the market looks with it right here. And now you put that on and you come with the averages so I can argue $2027 is one of the support numbers. 

About the author

Average: 2.7 (3 votes)

Newsletter Signup

GoldSeek Free Newsletters
GoldSeek Daily Edition
Gold & Silver Seeker Report
Gold Seek -- Peter Spina