From Gold Scents:
Over the last several days, volatility in the gold market has collapsed, forming what is known as a coil.
I think the Fed announcement tomorrow will probably break gold out of this holding pattern. But contrary to popular belief, about 70% of the time, the initial move out of a coil ends up being a false move that is reversed by a more powerful and durable move in the opposite direction.
In this case, if gold breaks lower out of the coil, it is late enough in the intermediate cycle that the move is unlikely to last more than...
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