Skip to main content

Metals: US Jobs Report Will Set The Tone for Everything

In gold, we refuse to come back or the market does to the 18-week moving average of closes. The market is still stuck in a trading band, but it's starting to put together some bullish numbers. you have an outside day to the upside. 

So unless today's low is taken out, the odds favor that this is the beginning of a continuation pattern where the market comes up and tries to work higher. When we look at moving averages, you can see where the battleground was for four days. The battleground was at the 18-day average of closes. So I think it makes sense that traders are going to look on pullbacks for supporting the market, not to get back under the $2046.40 level, which was the low today. 

About the author

Average: 5 (1 vote)

Newsletter Signup

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