The chart above says it all. Gold is testing its technical support levels from mid-last year. Our Marketdoc Report on January 14th called for the breakdown after a Head-and-Shoulders top formation in the CBOE Gold Index. Our target remains around the 150 to 175 level on this index. The market is showing almost no concern about inflation. The dollar is strengthening. The economic recovery continues. Sorry goldbugs, we saw this one coming.
Check out our past issues of the Marketdoc Report. You too can learn to recognize important technical patterns to maximize your trading opportunities!
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