Gold Tests 50% Retraement
240 Minute Bars
Prepared by Jamie Saettele
Gold has held a multiyear support line. However, the decline from 1425.40 is in 5 waves, indicating that the larger trend is most likely down. Price has reached the 50% retracement of the impulsive decline, with the 61.8% at 1380.82 serving as additional resistance if needed. Expectations are for the corrective advance to terminate.
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