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Gold: Recovery Faces Resistance

Published 02/13/2014, 04:53 AM
Updated 07/09/2023, 06:31 AM
C
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GC
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MIND
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Gold is at the new highs after breaking out of a triangle at the start of the week. We see price now moving up in wave (c) of a second zigzag that may form a top in current 1290-1300 area. Keep in mind that despite higher highs and higher lows we think that move from 1181 is corrective, thus temporary recovery so we need to be aware of a bearish turning point in coming days. An impulsive fall back 1254 will suggest that highs are in.

GOLD 4h Elliott Wave Analysis
GOLD Elliott wave analysis

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