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Market Will Focus on European CPI & PPI for Confirmation of Rate Cut

We've got right here, the 18-week moving average of closes. The market is over that and the bias is still up on a weekly basis in the gold market. The high was made two days ago now with $2454.20, an all-time high in the market.

The pattern is still one of higher and lows higher highs – bullish. The market is over the 18-day moving average of closes. So the bias is up in the market, just the way it is on the weekly and the resistance in the market is the upper Bollinger Band. You can see how the market went to it and now you're slipping back a bit.

So tomorrow will determine if you get an embedded reading. Right now view the market as overbought, bullish long term. Corrections can happen, in my opinion, they're still going to be buying opportunities when they show up. The question is, can the market slip $50 or something like that and offer a better way in?

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