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Gold Market Update - 18th Apr

18/4/2013

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In another relatively quiet day of trading yesterday, gold moved in a $30 range, making a low of 1365 and a high of 1395.  Gold has so far failed to move substantially higher following the massive plunge on Friday and Monday - if this were a temporary interruption to the bull trend, we would have expected gold to rebound strongly in a V shaped bounce.

Gold fell sharply overnight, though bounced off 1337 and had since recovered strongly to currently trade around 1387.

It appears that gold is tracing out a triangle consolidation near the lows - if this is the case, then the most likely scenario is for further declines, as the odds favour a downside break of the triangle.  A break above 1404 will negate this pattern and suggest more upside and a test of 1450 is more likely.

The recent weakness in oil and equities, as well as other commodities and precious metals is signalling a deflationary environment ahead.  This is incredible, considering the huge amounts of economic stimulus pumped into the economy and the historically low interest environment we have been in for the past 4 years.

The suggestion that Europe and the US will follow Japan into a multi-decade deflationary stagnation, after all the efforts to avoid such a scenario, is extremely worrying.

Today's video to subscribers looks at yesterday's trading in detail and

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