If you look at the weekly bar chart, you are falling down red rather hard. You have a pattern of lower highs and lower lows. What's that the definition of? Bearishness.
The Fed sure was tardy, but gold had been forecasting the hawk for quite some time before the eggheads actually got off their “transitory inflation” stance.
Next major resistance for gold is at the 1980.00/1984.00 level. Wave *e* could also become a bullish triangle. Trading Recommendation: Go Long gold. Use puts as stops.
I thought the gold market was going to fight a battle at the 18-week average of closes. It did, and the battle's been lost -- down 2.33%. You're down $45 for the week. Momentum is down.
When you look at the gold market, we have a chance to be below the 18-week average. Until it pops back over $1,957 on a closing basis, I am still looking for downside.
The price of gold is up over $100 year-to-date and yet precious metal enthusiasts are suffering through some of the worst sentiment and depression on record.
Gold market got clobbered Tuesday, going into the $1,940 area. Silver lost its momentum against gold. The dollar was strong. The stock market is waffling.
