Gold is up 1.5% for the week so far. I would assume we would see pretty good resistance show up in this market now at $1980.80 which is the 18-day average of closes.
China topped its gold holdings for a twelfth straight month in October, adding to a wave of purchases by global central banks that has lent support to bullion prices.
Gold, spooked by a hawkish Fed is struggling once again, keeping our thoughts of significant cycle lows alive as we head towards year end. We feature silver as our chart of the past week.
The stock markets have already started rolling over again, with extreme bubble-level valuations exaggerating downside risks. So prudent investors are diversifying.
Gold miners dig the anti-bubble out of the ground. They produce the thing that stands outside the system; a system that has been corrupted by bubble making for 20 years.
The “hawk talk” from the Fed and Western gold market analysts is likely to continue until the Dec. 13 Fed meet. That would support the dollar and rates while keeping some pressure on gold.
...The 200-week average dipped and the market finally did break down. Is there a lot of downside since you're in a downtrend and you're under these averages? Not really.
