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!
