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Metals: GDP & US Initial Jobless Claims

In the gold market, I can still make an argument that you get a pullback here. 

The 18-week average of support has been a big supporting number. l can make that that it could go there when we look at the action right here and you put the swing line on it. You now have a downtrend with lower highs and a lower and low. Where's the battleground? Right here – The 18-day average, it hasn't changed from yesterday. You made the higher high, you fell back and you took out yesterday's low putting that fully into play. 

The resistance is at the upper Bollinger Band. This supports a combination of the 100-day average and the lower Bollinger Band... momentum is pointing down. So, momentum is down for the moment, bias is down, and you can slip a bit here in order to negate this. You don't want to take out $2385.20. If that is taken out, you can't negate this pattern right away. You can negate it by not taking that out...and if the market were to get over $2433, I think you'd get an all-out buy Signal in the market.

in fact

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