Gold Rotating Around The Mean
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For the past week, gold has made some moves in both directions as it rotates around the mean. The intraday swings have been volatile but by the end of the day, gold sits near where it started. This is very common in all markets when they are setting up the next move.
As we wrote yesterday, all signs point to the yellow metal trading down to the $1,280 level. Obviously when it comes to markets, there is no guarantee that gold won’t go lower than that or that it won’t break out to new highs.
At the end of the day, all we can gage our opinion on is the current footprint being left by the money. The money shows there is a greater likelihood that gold is going lower first. The current range is $1,280-$1,300 and until something changes, the next stop appears to be $1,280.