Gold is down, at one point, 0.6% on Monday, but traders and investors alike need to understand that this really is not a big move, said Chris Vermeulen, chief market strategist at https://TheTechnicalTraders.com?EUR<. "Today, we're just this tiny little red bar, this average, usually we see a quarter of a percent, or half a percent move in gold, and today we're down only half a percent," Vermeulen said. Gold miners, which usually lead the bullion in price action, have another 10% or so of downside before prices rebound, he added.
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Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic.