Gold Update Thursday March 3rd

On the Wednesday update at the website, we discussed that gold was at the top of red channel and that short term cycles could be setting up for a pullback into the Thursday/Friday timeframe. Today's drop to the lower channel line and dotted trend line was a sharp pullback.
While there is some support at this area --and a bounce can develop, the potential for cycles to extend this pullback into next week should be a consideration. Support is the 1392-1402 area for gold if price takes out the dotted trend line on a Friday close. In summary -- a pullback in the metals is underway. Lets see what the bounce from this area looks like.

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