SentimenTrader Says Don’t Be Rattled by One-day Reversal in the Gold Market

from King World News

On the heels of yesterday’s downdraft in the gold market, SentimenTrader says that investors should not be rattled by the one-day reversal in the gold market.

From Jason Goepfert at SentimenTrader: Gold suffered a key reversal day. On Thursday, gold traded more than 1.5% higher than its previous close and briefly enjoyed a new 52-week high. But late selling pressure caused it to reverse and close lower on the day. Single-day price patterns are inconsistent predictors, however, and we see that with similar reversals in gold. Despite the ugly chart, other big reversals did not consistently lead to weakness (see chart below).

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