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January 25, 2011

Nibbling

Today's precious metals action was all about gold testing the $1320 neck line of its rounding top pattern, a pattern which I expect to prove to be a giant head fake in both the literal sense as well as the pun. In the process of bouncing off that support, gold posted a strong enough reversal to set up a potential daily swing low. This late in a daily cycle... Day 26... the next swing low should mark a cycle bottom. However, the final swoon we've been hunting is ...

 

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