Gold Price Too Early to Buy and Too Late to Sell
Chart Prepared by Jamie Saettele, CMT
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-There is still MAJOR long term support just below here for gold but the year open (magenta line) sure did a number on the yellow metal. Since the 2011 top, gold has sold off every year into the end of the year (probably a result of selling for tax reasons). After the last several weeks, there’s no reason to suspect that 2015 will be any different. Focus is on the lower channel line (near the 2008 and 2009 highs).
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