Pardon me if I am a little suspicious about gold’s ability to come out of today unscathed, price-wise.
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One thing that is characteristic of strong trends is that you can see nice bear setups repeatedly trashed while the index keeps on pushing up. That was the case yesterday when ES pushed back over the 50 hour MA and just kept on going. The 50 HMA is now at 1499 and is now support again. There is a short term double top and negative 60min RSI divergence with a target in the 1499.5 area so I'm expecting to at least see that level tested early today. If we see more downside after that, strong support has now been established at 1491: