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Brien Lundin: Noise amid the signal
By Brien Lundin
Gold Newsletter / Golden Opportunities
Metairie, Louisiana
Monday, April 22, 2024
Anyone waiting on the sidelines for gold to go on sale is getting just what they asked for today.
Gold began diving right as trading opened overseas last evening, and the plunge gained steam in New York trading today.
As I write, gold is down nearly $60 (2.5%) and has yet to show any significant resistance to the selling pressure.
... Dispatch continues below ...
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In fact, the price has reached lows not seen since ... (checks notes) ... last week.
The longer-term (one-month) chart above puts today's selling in some needed perspective. A chart going way back to the March 1 beginning of the uptrend would show even less impact from today's move.
That said, I don't want to minimize this correction. This is an important test of the buying demand that has driven the price of gold nearly $400 higher since the end of February.
It's still too early to determine precisely who's selling (we may never know) and how low the price will go, but here's what I've been able to glean so far....
... For the remainder of the analysis:
https://goldnewsletter.com/go042224/
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