It’s just the first attempt though. Amid the more dour market mood as market players are selling everything on the deleveraging, the pressure is still very much on. But for now, dip buyers are certainly making it known where they want to draw a hard line on the latest dip in gold. If there is stronger pressure to run under the figure level later, expect that to trigger a more rapid decline in gold prices if and when the time comes. That especially since we are also squaring up against a minor flag pattern as outlined here.
This article was written by Justin Low at investinglive.com.
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