Gold – A Retest Before the Bears step In?

16 Jun - GOLD Daily Forex Chart

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Hi All,

Here’s a quick update on Gold. A few weeks ago (see article), I mentioned that Gold was consolidating hard and it was about to breakout of a triangle pattern. In fact, price broke out on the 27th May.

Since then, I have been waiting for a pullback before it moves lower. I don’t know when this will happen and neither do I know if this will definitely happen. However, if price patterns does repeat itself, then I would expect a retest before it moves lower.

Of course, the fall since mid March until early June could also represent just a bigger pullback in the grand scheme of things and we are about to resume the bullish run since the end of 2013.

 

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