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March 27, 2014

Gold Action Is Very Weak

Gold's action appears to be weaker than anticipated. Despite having already encroached its timing band for a daily cycle low, gold sliced cleanly below its 150DMA today. Typically, a cycle that is already due for a low will not have enough power to penetrate an important pivot level. This action therefore strongly supports the interpretation that gold is locked within an intermediate-degree decline, as well as my decision not to attempt to trade my short around a daily cycle bounce. Nevertheless ...

 

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