Gold Update
The metal is back testing our key support at 1157, and has dipped below it briefly but recovered. The lack of follow through is currently faintly encouraging, although the weekly pattern remains negative. The inital hint of a low would be for the market to regain at least the 1192/93 area.
We’re pretty much expecting this pattern to resolve as a descending triangle which should be followed by an explosive upside move which should see the market quickly regain the 1380 or 1440 area.
On a break of current lows, expect 1122, or 1086.
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