Gold Market Update – Correction Imminent

by Clive Maund
Gold Seek

Because it is now “politically incorrect” to be bearish on gold, it makes it more likely that a sizeable correction will occur soon, and there are a number of technical indicators at extremes suggesting that a correction is imminent, which we will look at in this update.

We’ll start by looking at gold’s latest charts beginning with the 3-month. On this chart we see that gold made only very limited gains following its Brexit vote surge, and it has just failed at resistance at its early July high, with a sizeable down day on Friday, so that it is now stuck in a rectangular trading range, which could be either a continuation pattern or an intermediate top.

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