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Scandex Market Update – June 3

Scandinavian Capital Markets

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

Source: https://scandex.com/2020/06/03/market-update-june-3/
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