Gold – Update Following Breakout

Posted by Bob Hoye - Institutional Advisorsdvisors

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The breakout through $1170 in gold triggered the type of upside action we expected. Downside corrections should now ideally hold at a 23.6% retracement ($1200) of the two-month rally. If it develops into an A-B-C correction as seen in 1993, then we would like to see the C leg hold at a 38.6% retracement ($1170). 

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