When we look at the gold market, we can see that the gold has been correcting, but it hasn't even gotten back to the 18-week moving average of closes ($2002.9). As long as prices are over that, I keep a bullish bias. It's a filter.
When you look at this, would you honestly think the U.S. is going to war with Iran? You know, I look at charts and that doesn't look like it to me. The pattern is still lower highs, lower, and lows. You got to clear the high over here to say you're out of a downtrend. You haven't done that yet.
The market has found support, repeatedly now, at the 200-day average, but couldn't get it down to the green, which is the 100 [-day average] and the Bollinger Band wasn't hit. Where does it been keep coming to? I think you see that if you don't get your eyes checked, the 18-day average of closes keeps going there and you're narrowing in the Bollinger Bands.