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After a recent strong turn down on gold we think that the price action from the July low is wave B, but can still meet higher prices if we consider a running flat or possibly even triangle scenario since a drop from 1990 can be a complex w-x-y in subwave (B).

Because of the current impulsive recovery, it's a higher probability for a flat correction, where we are tracking a five-wave cycle within wave (C) of B up to 1970 - 2000 resistance area, from where we should be aware of another decline.

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