Scandex Market Update – June 3

Gold is in its 8th week of sideways trade but that may be about to end. The drop from yesterday’s high is the 5th leg within the triangle consolidation. A level to note for support is 1704.40, which is 61.8% of the alternating leg. My ‘bias’ is that gold finds support there and then breaks out to the topside. Be nimble (always) though because a drop beneath 1684 would indicate that the sideways trade is a consolidation top.

Scandinavian Capital Markets Review