Gold has turned down sharply a few weeks back with increasing bearish momentum so we see metal now making an impulsive drop from the highs. However, despite an impulsive drop we still see market in temporary bearish movement since we are tracking a flat correction in wave II. That's a 3-3-5 structure that occurs against previous five wave rise from 1046. That said, we remain bullish on gold and think that uptrend could resume this month.
Gold Daily
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