Gold made only three waves of a decline down to 1337 which is a structure of a contra-trend price action, so traders should be looking for more upside in the very near term, as wave 5 may already be underway now. There is room for 1365-1370 in the short-term.
After price completed a triangle pattern at the 1.3344 mark, pair made a nice impulsive drop below the lower triangle line, suggesting that correction is over and that a new bearish cycle is underway. For now we believe that price will continue to reach lower levels and ideally make a reversal higher around the 261.8 Fibonacci projected area.
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