Gold broke to the downside last week, which we assumed would happen as bearish momentum was increasing over the last few days. Gold moved strongly down, clearly with an impulsive decline. It's a five wave structure from 1344 which means that gold can be ready to turn now with minimum three legs up, back to 1280 area. From a bullish point of view, we would need rise above 1302 to confirm a low in place of a wave C of B)/II).
GOLD, 4H
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