Gold Monthly

Gold clearly stopped at the 23.6% retracement and now the 38.2% level. With USD strength, the economy improving and equities at new highs, I have to think there's much less of a "fear" trade going on here. There's certainly no inflation hedge required at this juncture and any metal demand is very weak. I have to believe any rallies will fail and ultimately it finds its way to the next fib level which would coincide with the rising 50month SMA. Just my two cents

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