Last week’s FOMC minutes sure weren’t kind to the price of gold.  Since the release of those minutes on 5/18, gold hasn’t had a single up day, declining by nearly 3%.  With today’s 1% decline, it is now poised to close below its 50-day moving average for the first time since 4/22 and has also broken its short-term uptrend in the process.  Granted, the long-term technical picture for gold still looks attractive, but for now, it seems to be establishing an extended sideways range.

Gold Front Month 052416

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