If the gold market continues to break, it could go to the $3264 level, about $80 lower, but it has upside bias as long as it's over the 18-week average of closes.
Gold momentum has slipped into neutral, with support holding near $3,300 and resistance capped below $3,400. Now coiling in a classic consolidation, any catalyst could break it out.
On the weekly chart, the market's caught in a congestion area. You're not getting any help from the swing line; you have a higher high and lower low, which means sideways action.
So far this century, the 28-week year-to-date gold price increase of +27.7% ranks second only to such like stint during 2006: so in that broader context, ’tis rather exhilarating, one has to say.
