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Gold has gone sideways since late Oct. and at this point the Dec 24 low is pivotal. A close below 1,173.50 will open the door for a return to the Nov low at 1,137. The 89-dma has done a good job of providing support and resistance all year and is now at 1,212. Stay bearish until it is exceeded.

A bull flag (if triggered by a move above the 89-dma) measures a minimum move to 1,300. A five-wave decline from the 2011 high appears to be finished and comes complete with a positive divergence in weekly RSI (chart). However, a full moon (often seen at turning points in gold) is due today and short-term cycle highs are due near Jan 7 and 13 so any rally early this week will probably be turned back once again.

The next cycle low is due near Jan 23 but the Nov. rally should last until at least until mid-February when an intermediate-term cycle high is due followed by a decline into mid-April. A 21-mo cycle is also due in Feb.

Relative Strength Index
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