Gold fell apart for the second consecutive day and the metal is nearing early year pivots at 1600/10. As highlighted last week, price is testing a long term trendline that extends off of the 2008, 2010, and December 2011 lows. A break of such a well-defined trendline would signal a significant shift. Near term resistance is 1630/40/50.
Bottom Line (next 5 days) – lower
Bottom Line (next 5 days) – lower
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