The battleground was at the 18-day average of closes. So I think it makes sense that traders are going to look on pullbacks for supporting the market, not to get back under the $2046.40 level, which was the low.
You have a higher high, you got up today to $2074.60, right now, you're back down from there already, $17. So, it was quite a slip back that you're seeing in the marketplace.
I outlined the $2010 gold price as a key buying area for gamblers, and the trade looks great so far. For investors, $1973 (basis is the cash price of gold) is the next big buy zone for the miners.
The market got over the 18-day average of closes and it's trying to stay over it, which would give the market an upside bias. The resistance is right above the market, coming in at $2052.20 on the upper Bollinger Band.
Mixed data is keeping the debate alive over the timing of the Fed’s next interest rate change as gold has chopped sideways but remains above $2,000 per ounce in price.
We can see that the gold has been correcting, but it hasn't even gotten back to the 18-week moving average of closes ($2002.9). As long as prices are over that, I keep a bullish bias. It's a filter.
