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Metals: A Number of FED Speakers Speak

As we take a look at gold, it still hasn't even come back to the 18-week moving average of closes. Frankly, it hasn't done it since the fall. I can make an argument that it's about to do that. I don't have a problem with that.

I can see the action here isn't friendly; the market's got a pattern of a higher high and a lower low. It's trying to fight a battle between the 18-day average which it gave up today. Finally. This is today, finally gave it up. 

It didn't even do that on Friday and that puts into play the possibility of getting to the 200-day average and the 100 and long with the Bollinger Band. So there's a lot of support under the market right there.

Obviously, what traders are looking for as a reason to give the Fed to start backing off on interest rates, and at that point the gold market probably finds better footing.

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