From Peter L. Brandt:
On May 30, I posted an analysis of gold, highlighting the importance of the $1,500 to $1,530 zone on the weekly chart.
As a trader, I look for sizable patterns and tend to ignore shorter-term technical developments. However, the price action last Wednesday, Thursday, and Friday was textbook and deserves to be analyzed.
The decline on May 30 penetrated the May 23 low and tested the lower boundary zone [...]