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Combination of CPI and US House Vote Will be Market Mover

The gold market is no longer over $2000, it's back down to the 1950 level and silver is down about a dollar from its peak. So what is going on here? We can take a look at the CPI numbers tomorrow morning 7:30 am CT Tuesday morning. 

On a weekly basis, the market was correcting. It came down and it's getting a little bounce; it's up 0.63% for the week so far. But the trend is clearly down in the sense that you've got lower highs and lower lows.

Their first support which now becomes a tad of resistance is the 100-day average in green, you got under it (last Thursday and Friday), and now you're coming back up. The bigger resistance if you clear that is all the way back up in the 1981.5 where both the 18-day and 200-day moving averages are hitting so we have a downtrend.

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