The gold markets have been relentless in their unwinding lately, and Wednesday was no different. The market has the distinct issue of being a mainly profitable one, and as such, firms are selling off their winning positions to pay for losing positions elsewhere. Because of the extreme bearishness of the markets in general, we think gold could continue to fall for a short while longer. The bounce that should be coming is large enough you do not have to catch the entire move. We think that letting gold calm down until early next week is going to be the move you should consider, while waiting until there is a supportive candle between $1,500 and $1,600 again.
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