I'm drawing a long bow here but gold could be forming a pennant flag on the weekly. This suggests one or two weeks in a range between 2340 and 2400 before the next leg up. If that occurs it will push it a long, long way above the 200 day MA although that line will be moving up strongly as well.
Channeling Gazza - More likely, and preferably, a correction from here to the 2150-2200 range would be healthy and shake out the late buyers (that's what the market loves to do). That's still a long way down from here but the broader market looks ready to roll over.
We've had some big gains in the last month and we are due for a pullback. Nothing goes up in a straight line.
That does not mean a bounce could not occur on Monday. Anything is possible. DYOR.
