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Metals: Beware of Memorial Day Trading Hours

So in the gold market, we're down 3.5% percent for the week. You still have an upside bias, you can see that the market's over the 18-week average of closes. You can see that when we got up here when you look back, you have a double top in place in the gold market. Okay, it's not the worst thing in the world, but the market made a double top and you go to an analyst, they'll say 'Oh yeah, that's it, you were right in that $2450 zone and the market broke down from there.'

The pattern is an instant correction. Remember, I just said to you, you were $2452 and suddenly you're at $2332. So you're down $120 an ounce. You stepped out of the uptrend. If I step back on this chart...without today, you clearly had higher lows and higher highs right? With today, this low takes out that low, and you just sort of hanging in there, so you've ended this upswing, and now the market's ready to reconsolidate.

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