Gold Nearing Summer Lows Prior to Rallying Strongly into Autumn
While gold has suffered strong selling in recent sessions it is only working off an overbought position ( it was up 15% in just over a month - from $857.00 on June 12 th to over $988 on July 15 th ) and a correction and consolidation is healthy and normal. This looks likely to be the last such sell off prior to a strong rally into the autumn as is typical. Gold seasonal patterns often result in lows in July or August prior to strong rallies into year end.
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