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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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...If the dots don't connect, gather more dots until they do...




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Friday, June 28, 2013

Gold Update

It would appear that Gold is on its way to 1150, or lower, as I last discussed in my post of April 22nd.

As I write this in overnight trading, Gold is now priced at 1197.50.

The GDP estimate for Q1 of 2013, to which I referred in that earlier post, has now been revised. As I mentioned in my post of June 26th, the final number came in at 1.8%...considerably lower than the 3% forecast in April. The trend continues down, as shown on the graph below.

*UPDATE June 28th @ 11:00 am: A low of 1179.40 has been made in overnight trading...whether we see a meaningful bounce from here remains to be seen. Here's a shot of the updated Weekly chart. You can see that price blew right through thin volumes on the Volume Profile along the right side of the chart at 1300.