Gold fell down to a new low as expected since we recognized a three wave correction up into wave four that found resistance at 1234. Notice that market declined to 1210 level where support has been found after a five subwaves down in fifth wave. We know that after every five wave drop market will turn, so ideally that's a start of a three wave correction but of a higher degree, so actually we may see a retracement back to 12341-1240 levels. A divergence on the RSI also suggests that recovery is underway.
Gold, 1H
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