Gold has turned nicely bullish a month back with clean five waves up from 1120 area, which means that trend has changed from bearish to bullish mode. However, nothing moves in straight lines so drop from January highs was not a surprise; a contra-trend move in three waves that can represents wave 2, which in fact already shows signs of completion after a nice leg up on Friday. That said, looking at the updated count we can now see red wave 1) in motion, with still a little more upside to go, which can see some resistance around the 1219 level.
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