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TFC Commodity Trading Forum

Aug Gold/ Remains in its Channel *PIC*

Aug Gold continues to trade in its 2.5 month $100 channel between $1635 and $1537. Gold's break below its 3 year uptrendlne was a bearish development and consolidating below this breakdown in a channel is not bullish either. Price needs to prove itself here and breakout or breakdown out of this $100 channel to determine direction. Until then price action is just trading sideways in its channel. Historically major lows are seen in the July/August time frame with a strong rally into fall. Meanwhile its just a lot of chop/chop whipsaw trading.