The ups and downs of gold this week continue, with volatility still in play. The constant is the sweeping, while the changes involve the space—breaking highs and dropping back, breaking lows and rising. Even after a breakout, it’s possible to forcefully pull back into the range to continue the sweeping. In the face of such market conditions, one must not overly rely on technicals; as long as position risk is managed reasonably and one does not blindly chase highs or panic sell, there isn’t much to worry about. There’s a saying: treat a one-sided market as a range, and don’t turn a range into a one-sided market!

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