Update on Gold: Aug 23, 2013

Gold reached the target we discussed last week — the white .886 and purple 1.618 Fib levels at the middle of a long-term channel.

As I wrote on Wednesday, if it can punch through 1395, the next move is a shot up to 1551-1561 in the next week or two.  Getting past there may take some doing. The safe bet is to take profits and revert to short with tight stops just in case.


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