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Markets Waiting on CPI

When you look at the gold market, again the market has been sitting in very much sideways action. This is a weekly chart of just closes and you can see how the market's done that when we look at a daily borrow chart, pointed out that you would come up before to this resistance point.

And if you come back with me here, you can see how the market just came down and held itself, bouncing back and forth. The bias of the market is going to be up and the trend is up. Why? Well, the trend is on the swing line, higher lows, and higher highs. I already know it's holding the 18-day average of closes. I mentioned that the battleground's probably around the $2347 level and it is on the upside, it'll be the upper Bollinger Band around the $2389 level in terms of momentum, you have worked off in overbought condition. So the market's getting itself ready for CPI, and PPI events.

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