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Jobless Claims, US CPI & Earnings Season Kickoff

When we look at the gold market, we're down nearly a full percentage point so far, but it's only midweek and we don't know what these other reports will do. The market has been leaking away. 

There's a lot to be learned here. What I do know is gold in a downtrend, what I do know is the next stopping spot could be the $2013.5 area, that is the 200-day average...and the Bollinger Band is waiting for it right there at $2015.5 –  so that's your support zone. Is there anything I see on the chart that can just turn it into a bull market in the sense of higher lows and higher highs over the 18-day average? Absolutely not – so, a bearish trend but very oversold; oversold doesn't beget that you put new money into a market from my point of view.

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