Gold Price-Waiting for a Range Expansion
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-Gold bottomed at 1169.40, near the 61.8% retracement of the 1142.59-1224.15 advance.
-The decline from 1224.15 may compose a 3 wave decline known as a flat (wave subdivisions of 3-3-5). If this interpretation is correct, then gold will exceed 1224.15 while staying above 1169.40. Failure to stay above 1169.40 would complete a bearish continuation pattern (head and shoulders since mid-March).
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