The gold markets fell hard on Thursday as traders sold off anything relating to risk. The stock markets produced mass losses, and as a result – many firms and traders found themselves on the wrong side of a margin call. This often happens in the gold markets which force buyers to dump their positions to pay for losses elsewhere. The rising USD isn’t helping the gold market either. Having said all of that, the market does look very supportive around the $1,700 – $1,750 area, so we expect any selloff to be somewhat limited at this point. The trend is up, and we are willing to buy supportive candles now – but for the meantime all we can do is wait for them to appear.
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