Will the days of late September and early October mark a low or a high? The Gann Panic Window is on the clock.
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Any authoritative stab back below the May high of 1687 could indicate a test failure of the May high.
If this is a third-wave advance, prices should quickly rally toward the 1320-1330 area.
Gold will work lower, albeit not in a straight line.
Markets always do what they're supposed to -- but never when.
Despite the Fed's aggressive inflating of the money supply, the metals remain water logged.
It is interesting that as some big guns are being fired in currency wars, that gold is getting hit.
Once again, some big fund came in to liquidate and perhaps rotate into a few other names.