With the market very oversold short term, it appears a good size bounce is in order.
We may anticipate recovery to the 1975 to 2000 range over the next couple of weeks.
Given the overall structure of the market, this would form a right shoulder of a large Head & Shoulders pattern.
If this analysis is correct, a three hundred point decline or more is possible later this year. As recent price movement suggests, gold would catch a nice bid during such a scenario.
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