Gold sold off quite sharply on the back of stronger than expected retail numbers out of the US yesterday (a stronger economy reduces the prospect of further economic stimulus) and is now trading back below 1600.
Gold remains within the narrow range it has been trading in since May, with 1630 at the top of the range and 1570 at the bottom. This is within the larger triangle Wave 4 correction that we have been in since September 2011.
It will take some news or event to start the next move in gold (which we still believe will be upwards) and we may have to wait until September and the return of traders from their holidays before this happens.
Gold remains within the narrow range it has been trading in since May, with 1630 at the top of the range and 1570 at the bottom. This is within the larger triangle Wave 4 correction that we have been in since September 2011.
It will take some news or event to start the next move in gold (which we still believe will be upwards) and we may have to wait until September and the return of traders from their holidays before this happens.