It's over the 18-day average; big support is now at the $2200 level in the marketplace, and the market did get over and has stayed over three days in a row over the upper Bollinger Band.
The Gold Indices/Gold ratio is approaching all-time lows, while gold is breaking to all-time new highs! We believe the upcoming gold stock/indices rally will be of “biblical scale”… and is now getting underway!
With the now record run to close at $2,238 this past week, support can be seen down to around $2,160. Below that a fall to $2,100 is possible. Ultimate support is now at $2,000.
Generally, when gold rises in relation to markets and assets positively correlated to the economy, the indication is for a counter-cycle, an economic contraction.
What's going on over the past few days is because you're not getting a lot of movement, the Bollinger Bands have collapsed around price and you're taking the volatility out of the market which makes total sense to me.
