On a weekly chart of closes — not the highs and lows — the gold market can fall all the way back and challenge, at some point, this 18-week moving average of closes, which is sitting at $3197.
As long as the resistance box shown on the chart above holds, I expect a larger decline to take shape, which will likely be our next buying opportunity in the gold market.
We have reached our 23.6% retracement level, so we need to be on guard for the completion of wave -iv-, perhaps at the 3120.90 low, and the start of another rally in wave -v-, which should see gold move to all-time new highs again!
It's been a massive year for gold, and now silver and platinum are on the move too. Senior miners, gold and silver ETFs, energy, and other commodity plays are now solid leaders of the global investing pack!
