Gold Continues To Consolidate; It's That Simple
Not much has changed with theprice action in gold. It is in consolidation. There are pundits and experts outthere searching for reasons why gold goes up or down -- strong numbers, weaknumbers don't matter. Gold is consolidating; it's that simple.
We can look for reasons that goldshould rally or sell off, but the chart tells all. There will be a lot of buzzaround tomorrow's jobs number, which based on the ADP jobs number fromWednesday, should be a blowout number.
Interest rates are climbing fast,with the highest yields in years. The Fed is going to panic, especially ifFriday's jobs data are strong. Yet throughout it all, gold has done nothing buttrade between $1,180 and $1,220, and there is no indication it will break outin either direction anytime soon.
As you search for the answer ofwhich way gold is going to go next, the important thing to remember is thechart and the footprint tells all. Right now the footprint is like the mouse onthe wheel going nowhere fast; it's that simple.
Contributing tokitco.com
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