Gold is making a strong reversal below the trendline connected from end of January, after touching the upper resistance line last week. Well, we actually see a wedge pattern since start of the year which can be a leading diagonal placed in wave I position. We know that’s still an important structure for a change in trend, so despite a new look we will remain bullish. However, before bulls may resume we have to be aware of a three wave retracement, ideally back to the 50.0 or 61.8 Fibonacci area where metal can be looking for a new support later this month.
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