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November 20, 2013

Good Day to Be Short Gold

Wednesday was a good day to be short gold. The yellow metal got pounded for about 2.5%, forming not only a failed daily cycle, but a failed intermediate cycle, as well. These failures, probably by no small coincidence, were delivered during the same session in which the dollar surged strongly into a new daily cycle. And finally, stocks have broken their daily cycle trend, indicating a cycle in decline. So we witnessed an exciting day. Now on to the charts ...

 

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