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GOLD: Downtrend Continuation

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June 10 2013

Sharp reversal from 1423 through the lower side of a corrective channel suggests that rally from 1337 is complete and that market is headed lower. As such, we expect further weakness on gold, ideally close to 1340 in this week with impulsive personality. Trend is bearish below 1423 is critical level.

Disclosure: I am short GLD.