Gold Closing near Monday Lows, down Tuesday ahead?

Did you do your homework?  Gold followed many of the points outlined last week: the large range Wednesday model coincided with this Monday, making new highs in the beginning of the day and then having a sharp decline to close near the day’s lows.

There was a time  shift of the decline to later than projected and the price was flat rather than down on the daily timeline, but the possibility of selling based on a break out below Monday’s lows still exists.

20160516 Monday Gold Prices

In terms of best fit, Monday’s price movement is also very similar to a large range Tuesday which has a flat weekly close. This price pattern is also down in the day ahead, but makes its weekly low on Tuesday instead of Wednesday:

20160516 projecting Tuesday's Gold Price

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