For the market, we're up about 1.3% on the week so far at midpoint. When we take a look at the chart, we've come down, we're getting a bounce in the marketplace. The pattern is bearish.
It will remain difficult in metals until gold breaks through $2090. It's difficult for the banking cartels to keep gold suppressed with the dollar in the declining phase of its intermediate cycle.
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.
