Gold is coming up to an important resistance, the 200 day moving average with supports coming in at 18 and 100 day moving averages. Prices pushing the upper Bollinger band with market overbought...
Therefore, to make this rather easy, support in the market is between 3700-3800SPX. As long as the next pullback is corrective, and holds that support, then my next upside target is going to be the 4300SPX region.
We are not at a pivot, we are not at that point. The rate hikes will continue, just the size of them. I think gold needs to do some consolidation here, some whipsaw trading...
Because gold and silver can be expected to make their biggest percentage gains near the end of their respective bull markets, there is still time to board the train and start accumulating.
