Skip to main content

Metals: JOLTS Jobs Numbers Out

So, if we look at gold, it's hard to be anything but bullish, when you look at a weekly chart of just closes. The market is still looking pretty good there. We see that the market is broken down and you can see right here, that it hasn't thrown out to me any new signals; you've got lower highs and lower lows.

The resistance in the market is around the $2390 level, which is still a relatively high number for the gold market but that's the resistance if you're going to rally the 18-day average of closes and the support's down here are $2322. Trend down, bias down. You can get a short covering rally but I look for failures in this $2390 zone or at least the pause and you have an oversold market, which keeps me thinking that you're not going to see new money wanting to be deployed on the short side.

About the author

Average: 5 (1 vote)

Newsletter Signup

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