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Reply with quote  #1 
Breadth in the PM and XAU stocks continued to be very weak last week, so next week might be shaping up to be a poor one for the gold bugs.

With the price pattern playing out like an Elliott 2nd wave of minute/minor degree from the early May highs, the downside target if a we move down in a 3rd wave from here is around $1201. It's not likely that we'll get there in a week, but a challenge of the 50% retracement level seen on the chart at $1302 wouldn't at all be surprising. Upside resistance remains at the 20 day EMA which is tracking at around $1415.


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