Gold breaks major support!

Gold is trading below the key support that has held since March of 2021. The issue here is that gold has not gone higher, despite the market being very bullish gold (and calling for higher prices) for a very long time. While we trade below the 1700 level, the risk is for a move to the 1647 level, then the 161% extension of the last major move higher this summer at 1604.

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