The gold market has been on fire lately, and has relentlessly surged day after day with rising prices. This has recently changed though; as Monday printed a “shooting star†ate the previous highs. The market has been basically flat since then, signaling possible exhaustion as the buyers are running out of steam.
This market looks flat at the moment, and no real direction is apparent this week. Although the bearish formation formed on Monday, we simply haven’t made a move either way. Of course, a break down form here has us looking for support. It should be found at $1,410 and $1,400 levels. If gold breaks above $1,450 – we are going up yet again.
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