Gold Sheds 6% in May but Rests on Edge of Cliff

Daily Bars

Prepared by Jamie Saettele, CMT

“The sideways trade since 5/16 may be a triangle. The implications are for several more sharp swings between recent extremes before a break to a fresh low. From a trading standpoint, trading in the middle of a correction is never a good idea (least amount of clarity).” Look lower from here as the triangle appears to be in its latter stages.

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