So let’s take a look at the gold and understand what we’ve got. For the week, you’re down three-quarters of a percent roughly, getting a little bit of a correction on a close-only chart. When you take a look at what the gold did, you’ve had this run-up. I’ve been looking for a pullback in the market, and now the question is the support.
My instincts are, chart-wise, that you’re going to see buyers try to come in at $2492.60 with stops under this slope. In most years, you don’t move a lot off the Jackson Hole Symposium.
The Fed wants to get ahead of the curve and do things in a “measured way”.
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