The gold markets fell on Thursday, as traders unwound some of their positions in what is an obviously overbought condition in the gold markets. The markets fell, but they did in fact find support at $1,600. We feel that the level should be support for the near future, and as a result this market will have trouble falling any significant amount. Once a deal is struck in DC on the debt limit talks, this market will more than likely have a sharp knee-jerk reaction selloff, which should only serve as another buying opportunity.
Originally posted here
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