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"The gold market bulls appear to be in a bull trap," Equity Management Academy CEO Patrick MontesDeOca said.
If we look at the weekly chart published in our last report, we anticipated that as we came into this week, the high of the Sell 1 (S1) level was going to be $1,423. After making a high of $1,442.90, very close to the $1,450 high we anticipated, the gold market reverted back down to the S1 level of $1,423 and has activated a short trigger on a close below $1,423.