Gold Prices Bounce From Support

Talking Points:

– Gold prices broke below the neckline of a short-term head and shoulders pattern.

Retail traders are still on the long side of Gold, which may be indicating a deeper pullback..

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Gold Breaks the Neck

Last week saw a bit of strength show up in the US Dollar, and this helped to soften Gold prices as a series of lower-lows and highs showed-up in the early part of the week. We had zeroed-in on a head and shoulders pattern with a neckline around the $1,326 level on Monday. That neckline support gave way on Tuesday, and prices continued their slide on Wednesday and Thursday until a deeper area of support began to show around $1,307, which was the 3rd area of support that

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