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Gold has had quite a bit of trouble pushing higher into this supply zone where we are seeing sellers defending quite aggressively. Every time we have attempted to push in to it, we have popped back out and now, on top of that, we are at the wedge highs. I am looking to sell this market lower back to demand starting at 1268.8 and lower to 1264.7. If we can catch large selling I am looking to push this all the way down to the wedge lows.
The Russell had a sharp sell candle on the 7th which was picked right back up again for a strong reversal candle long. This push higher got us into the BMT floating around 1113.6. Price is now stuck there having trouble moving. I am looking to take this initially short down to the wedge lows but will also consider longs if we start to break above the BMT up to 1130.1 as a target.
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