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Falling Inflation Sinks Metals

So in the gold market, it certainly looks like the market wants to leak down to the 18-week average of closes. Now that number is going to change after tomorrow. It's moving at the tune of about $16 a week so just be aware of that where you're at. You're going to drop a value back here, add the Friday value and you're probably going to be up into the $2270s – my guess is where you'll end up with that.

When you look at the gold here, it's almost like a stepping ladder and each time you get a rally like you did here and then it seems to break those lows – we'll see if it does that pattern again. But that seems to be the pattern it's in. Those are also making for a downtrend with lower highs and lower lows.

The market is underneath the 18-day average, it tried to stay over it right here, but couldn't do it with an outside day. Remember, we had that day and I said until you take that out, be careful. This is now a reiteration of the downtrend.

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