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Jobs Data Numbers Decline, But Wage Inflation Goes Up

We shall the jobs data fall, but what hasn't fallen is wage pressure. It's going up. Wage pressure doesn't go away so easily.

In the gold market, you're staying above the 18-month moving average of closes. As long as you stay above 1855.80, you have a bullish bias and a long, firm chart.

You then look at where you're at on a shorter-term chart. We'll go to the weekly. Lo and behold, the market's got a bearish bias.

When I look at this chart, it's not overly bullish, but it's not bearish. You have a higher high and a lower low. That is not a trend. Where is the market fighting a battle: the 18-week moving average of closes.

What would get it bullish? If you get up and close over 1989.80, that's one thing that could do it, but we're not there yet at this point in time.

The market is going sideways in the Bollinger bands, and they're starting to go neutral. From neutral, the longer they can go sideways, the bigger the ultimate move up or down. Right now there's no pattern to work with, and you're oversold at the same time. 

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