Skip to main content

Metals: The Day Will Revolve Around the FED Monetary Decision

Gold had corrected and it's turning away from trying to get so far at least to the 18-week moving average of closes. You can see how the market's come down here, nothing special – it's just sort of drifting around; the pattern is not trending yet. You have made a higher high than this high. So now you have a lower low, higher high that breaks this downtrend pattern, but doesn't necessarily start an uptrend pattern.

The market got over the 18-day average of closes and it's trying to stay over it, as you can see, that would give the market an upside bias. The resistance right above the market, coming in at $2052.20 on the upper Bollinger Band, and that should fall a little bit when the market reopens...

In terms of momentum, you have been oversold, the market did make a test of the 200th-day average a couple of times here.

About the author

Average: 5 (1 vote)

Newsletter Signup

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