Gold price correction since the high last August drawer to a close

The gold price ranged closing last week meager $7.74, practically dead and not twitching. Rose $1.50 to $1,642.10, but fell $17 (1%) for the week. Aha! What's that I see on a one year chart? Could that be a bullish falling wedge that began in March and neareth its completion? Why, yes, indeed it could be, and is. It also argues that gold will not again visit $1,600.

The sad time of this long gold price correction since the high last August drawer to a close. It may yet be weeks away, but higher gold is coming soon. A break through $1,682 will prove it, a break below $1,600 gainsays it, but only for the nonce.

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